Cathay General Bancorp (NASDAQ:CATY) EVP Thomas Lo Sells 1,600 Shares

Cathay General Bancorp (NASDAQ:CATY) EVP Thomas Lo sold 1,600 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $62.47, for a total transaction of $99,952.00. Following the sale, the executive vice president directly owned 2,362 shares in the company, valued at $147,554.14. This trade represents a 40.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Cathay General Bancorp Price Performance

CATY stock traded up $0.08 during trading on Thursday, reaching $62.12. 286,378 shares of the company were exchanged, compared to its average volume of 356,451. The company has a market capitalization of $4.14 billion, a price-to-earnings 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. The company has a 50-day moving average of $62.55 and a two-hundred day moving average of $56.84. Cathay General Bancorp has a twelve month low of $44.57 and a twelve month high of $65.25.

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

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Friday, August 28th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. Cathay General Bancorp’s dividend payout ratio (DPR) is 29.69%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CATY. Piper Sandler upped 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. 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 note on Thursday, July 23rd. DA Davidson boosted their price target on Cathay General Bancorp from $56.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Zacks Research cut Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $62.25.

Hedge Funds Weigh In On Cathay General Bancorp

A number of hedge funds have recently modified their holdings of CATY. Royal Bank of Canada increased its holdings in Cathay General Bancorp by 25.8% in the first quarter. Royal Bank of Canada now owns 14,761 shares of the bank’s stock valued at $634,000 after purchasing an additional 3,030 shares during the period. AQR Capital Management LLC lifted its holdings in Cathay General Bancorp by 20.0% during the 1st quarter. AQR Capital Management LLC now owns 40,456 shares of the bank’s stock worth $1,708,000 after buying an additional 6,740 shares during the period. 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 buying an additional 760 shares during the last quarter. Caxton Associates LLP bought a new stake in shares of Cathay General Bancorp in the 1st quarter valued at 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% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 183,090 shares of the bank’s stock valued at $7,878,000 after buying an additional 8,914 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

About Cathay General Bancorp

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.