Cathay General Bancorp (NASDAQ:CATY) Director Sells $189,270.00 in Stock

Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun sold 3,000 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $63.09, for a total transaction of $189,270.00. Following the sale, the director directly owned 2,800 shares in the company, valued at approximately $176,652. This trade represents a 51.72% decrease in their ownership of the stock. The sale 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 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 stock was sold at an average price of $63.31, for a total value of $1,266,200.00.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $64.93 on Friday. Cathay General Bancorp has a 1-year low of $44.57 and a 1-year high of $65.17. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of 12.68 and a beta of 0.86. The stock’s fifty day simple moving average is $61.99 and its 200-day simple moving average is $56.12.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $221.20 million during the quarter, compared to the consensus estimate of $218.28 million. During the same period in the prior year, the business earned $1.10 EPS. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, sell-side analysts predict that Cathay General Bancorp will post 5.48 earnings per share for the current fiscal year.

Cathay General Bancorp declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 23rd that allows the company to repurchase $150,000.00 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 4,164,630.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CATY. DA Davidson raised their price target on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, July 23rd. Piper Sandler upped their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a research note on Monday, July 27th. Stephens upped their price objective on shares of 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. Zacks Research downgraded shares of Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Finally, Weiss Ratings reissued 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 assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $62.25.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at about $31,000. Allworth Financial LP bought a new stake in shares of Cathay General Bancorp in the 2nd quarter valued at approximately $53,000. Danske Bank A S bought a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at approximately $48,000. Hantz Financial Services Inc. increased its holdings in Cathay General Bancorp by 55.8% in the fourth quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank’s stock worth $74,000 after buying an additional 546 shares during the last quarter. Finally, Torren Management LLC acquired a new position in Cathay General Bancorp in the fourth quarter worth approximately $76,000. 75.01% of the stock is owned by institutional investors and hedge funds.

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.