Richard Sun Sells 1,000 Shares of Cathay General Bancorp (NASDAQ:CATY) Stock

Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun sold 1,000 shares of Cathay General Bancorp stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $62.08, for a total value of $62,080.00. Following the sale, the director directly owned 3,200 shares of the company’s stock, valued at $198,656. This trade represents a 23.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Richard Sun also recently made the following trade(s):

• On Monday, August 10th, Richard Sun sold 3,000 shares of Cathay General Bancorp stock. The shares were sold at an average price of $63.09, for a total value of $189,270.00.
• On Thursday, July 30th, Richard Sun sold 5,000 shares of Cathay General Bancorp stock. The stock was sold at an average price of $63.31, for a total transaction of $316,550.00.
• On Wednesday, July 29th, Richard Sun sold 20,000 shares of Cathay General Bancorp stock. The stock was sold at an average price of $63.31, for a total transaction of $1,266,200.00.

Cathay General Bancorp Stock Performance

Shares of NASDAQ CATY opened at $61.87 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.04. Cathay General Bancorp has a 12 month low of $44.57 and a 12 month high of $65.25. The company has a 50 day simple moving average of $62.60 and a two-hundred day simple moving average of $56.87. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 12.08 and a beta of 0.86.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. The business had revenue of $221.20 million for the quarter, compared to the consensus estimate of $218.28 million. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.10 EPS. As a group, analysts predict that Cathay General Bancorp will post 5.48 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, August 28th. Cathay General Bancorp’s dividend payout ratio is presently 29.69%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CATY. Zacks Research downgraded Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 12th. DA Davidson boosted their price objective on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods upped their target price on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Piper Sandler raised their target price on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a report on Monday, July 27th. Finally, Stephens lifted their price target on Cathay General Bancorp from $56.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $62.25.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Cathay General Bancorp during the 2nd quarter worth about $604,644,000. California State Teachers Retirement System grew its position in shares of Cathay General Bancorp by 6,522.1% during the 2nd quarter. California State Teachers Retirement System now owns 4,520,125 shares of the bank’s stock valued at $280,203,000 after acquiring an additional 4,451,867 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Cathay General Bancorp by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,050,007 shares of the bank’s stock valued at $201,930,000 after purchasing an additional 17,444 shares in the last quarter. Invesco Ltd. increased its stake in shares of Cathay General Bancorp by 6.7% in the 4th quarter. Invesco Ltd. now owns 1,685,203 shares of the bank’s stock valued at $81,547,000 after purchasing an additional 105,484 shares in the last quarter. Finally, Norges Bank acquired a new position in Cathay General Bancorp in the 4th quarter worth about $41,140,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Company Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.