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

Key Points

• Director Richard Sun sold 1,000 Cathay General Bancorp shares at an average price of $62.08, receiving $62,080 and reducing his holdings by 23.81% to 3,200 shares. He has also sold 28,000 shares in three earlier transactions since late July.
• Cathay General Bancorp recently exceeded quarterly earnings expectations, reporting $1.37 in earnings per share versus a $1.35 consensus estimate, while revenue rose 13.1% year over year to $221.2 million.
• The company declared a quarterly dividend of $0.38 per share, equivalent to $1.52 annually and a 2.4% yield. Analysts’ average rating is “Hold”, with an average price target of $62.25.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) Director Richard Sun sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $62.08, for a total value of $62,080.00. Following the sale, the director owned 3,200 shares of the company's stock, valued at approximately $198,656. The trade was a 23.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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 stock was 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 value of $316,550.00.
• On Wednesday, July 29th, Richard Sun sold 20,000 shares of Cathay General Bancorp stock. The shares were sold at an average price of $63.31, for a total value of $1,266,200.00.

Cathay General Bancorp Stock Performance

Shares of Cathay General Bancorp stock traded up $0.08 during midday trading on Thursday, hitting $62.12. The company had a trading volume of 286,378 shares, compared to its average volume of 356,451. Cathay General Bancorp has a 1-year low of $44.57 and a 1-year high of $65.25. The business's 50 day simple moving average is $62.55 and its two-hundred day simple moving average is $56.84. The stock has a market cap of $4.14 billion, a PE ratio of 12.13 and a beta of 0.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.04.

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

Cathay General Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Friday, August 28th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, August 28th. This represents a $1.52 annualized dividend and a yield of 2.4%. Cathay General Bancorp's dividend payout ratio is 29.69%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Cathay General Bancorp

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in Cathay General Bancorp by 25.8% during the first quarter. Royal Bank of Canada now owns 14,761 shares of the bank's stock worth $634,000 after buying an additional 3,030 shares during the last quarter. AQR Capital Management LLC lifted its stake in Cathay General Bancorp by 20.0% in the first quarter. AQR Capital Management LLC now owns 40,456 shares of the bank's stock valued at $1,708,000 after acquiring an additional 6,740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cathay General Bancorp by 1.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,395 shares of the bank's stock valued at $1,738,000 after acquiring an additional 760 shares during the period. Caxton Associates LLP acquired a new position in shares of Cathay General Bancorp during the 1st quarter worth about $316,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Cathay General Bancorp by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 183,090 shares of the bank's stock worth $7,878,000 after purchasing an additional 8,914 shares during the last quarter. 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.

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