Cathay General Bancorp (NASDAQ:CATY) insider Dunson K. Cheng sold 50,000 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $42.45, for a total value of $2,122,500.00. Following the transaction, the insider now directly owns 119,591 shares of the company’s stock, valued at $5,076,637.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Cathay General Bancorp (NASDAQ:CATY) traded up $0.57 on Wednesday, hitting $43.01. The stock had a trading volume of 519,600 shares, compared to its average volume of 394,877. Cathay General Bancorp has a 52 week low of $34.00 and a 52 week high of $45.54. The firm has a market capitalization of $3,430.00, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.13 and a beta of 1.34. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The company had revenue of $146.20 million during the quarter, compared to analysts’ expectations of $135.27 million. During the same period last year, the firm posted $0.58 earnings per share. The business’s revenue was up 29.8% on a year-over-year basis. analysts forecast that Cathay General Bancorp will post 2.49 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, December 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.23%. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.21. The ex-dividend date was Thursday, November 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 39.02%.
Several research analysts recently commented on CATY shares. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Monday, October 30th. BMO Capital Markets increased their price target on Cathay General Bancorp from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. Royal Bank of Canada increased their price target on Cathay General Bancorp from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $43.00 price target on shares of Cathay General Bancorp in a research report on Friday, September 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Cathay General Bancorp presently has a consensus rating of “Hold” and a consensus price target of $42.14.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Balyasny Asset Management LLC increased its stake in shares of Cathay General Bancorp by 4,688.9% during the second quarter. Balyasny Asset Management LLC now owns 732,706 shares of the bank’s stock worth $27,806,000 after purchasing an additional 717,406 shares during the period. BlackRock Inc. increased its stake in shares of Cathay General Bancorp by 7.0% during the second quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock worth $322,995,000 after purchasing an additional 554,856 shares during the period. Citadel Advisors LLC bought a new position in shares of Cathay General Bancorp during the third quarter worth approximately $17,058,000. Koch Industries Inc. increased its stake in shares of Cathay General Bancorp by 6,239.0% during the second quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock worth $402,000 after purchasing an additional 406,471 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Cathay General Bancorp by 11.9% during the second quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock worth $92,992,000 after purchasing an additional 261,148 shares during the period. 67.60% of the stock is owned by institutional investors.
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About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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