Heng W. Chen Sells 44,000 Shares of Cathay General Bancorp (CATY) Stock
Cathay General Bancorp (NASDAQ:CATY) CFO Heng W. Chen sold 44,000 shares of Cathay General Bancorp stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $35.18, for a total value of $1,547,920.00. Following the sale, the chief financial officer now directly owns 73,940 shares of the company’s stock, valued at approximately $2,601,209.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Cathay General Bancorp (NASDAQ:CATY) opened at 35.13 on Friday. The company has a 50 day moving average price of $31.08 and a 200 day moving average price of $30.24. Cathay General Bancorp has a 52 week low of $25.62 and a 52 week high of $36.19. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 16.82 and a beta of 1.12.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, October 19th. The company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.59 by $0.01. Cathay General Bancorp had a net margin of 32.24% and a return on equity of 9.58%. During the same period in the previous year, the business posted $0.47 earnings per share. Analysts expect that Cathay General Bancorp will post $2.19 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Thursday, December 1st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.39%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.18. Cathay General Bancorp’s dividend payout ratio is 34.29%.
Separately, Zacks Investment Research cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Cathay General Bancorp currently has an average rating of “Hold” and an average target price of $33.00.
A number of institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP raised its position in Cathay General Bancorp by 11.1% in the second quarter. GSA Capital Partners LLP now owns 10,800 shares of the company’s stock valued at $305,000 after buying an additional 1,081 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Cathay General Bancorp by 55,673.3% in the second quarter. BNP Paribas Arbitrage SA now owns 33,464 shares of the company’s stock valued at $944,000 after buying an additional 33,404 shares during the last quarter. BlackRock Group LTD raised its position in shares of Cathay General Bancorp by 16.7% in the first quarter. BlackRock Group LTD now owns 63,717 shares of the company’s stock valued at $1,805,000 after buying an additional 9,119 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in shares of Cathay General Bancorp during the second quarter valued at about $333,000. Finally, Airain ltd purchased a new position in shares of Cathay General Bancorp during the second quarter valued at about $327,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.
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); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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