Insider Selling: Cathay General Bancorp (CATY) CFO Sells $422,280.00 in Stock
Cathay General Bancorp (NASDAQ:CATY) CFO Heng W. Chen sold 12,000 shares of the company’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $35.19, for a total transaction of $422,280.00. Following the completion of the sale, the chief financial officer now owns 73,940 shares of the company’s stock, valued at $2,601,948.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Cathay General Bancorp (NASDAQ:CATY) opened at 35.61 on Monday. The firm’s 50-day moving average is $31.23 and its 200-day moving average is $30.28. Cathay General Bancorp has a 52-week low of $25.62 and a 52-week high of $36.19. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 17.05 and a beta of 1.12.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, October 19th. The company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by $0.01. Cathay General Bancorp had a return on equity of 9.58% and a net margin of 32.24%. During the same quarter last year, the business earned $0.47 EPS. Analysts forecast that Cathay General Bancorp will post $2.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Thursday, December 1st will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.36%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.18. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.29%.
Several large investors have recently modified their holdings of the company. GSA Capital Partners LLP raised its stake in shares of Cathay General Bancorp by 11.1% in the second quarter. GSA Capital Partners LLP now owns 10,800 shares of the company’s stock worth $305,000 after buying an additional 1,081 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake 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 worth $944,000 after buying an additional 33,404 shares during the last quarter. BlackRock Group LTD raised its stake 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 worth $1,805,000 after buying an additional 9,119 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of Cathay General Bancorp during the second quarter worth approximately $333,000. Finally, Airain ltd bought a new stake in shares of Cathay General Bancorp during the second quarter worth approximately $327,000. Institutional investors and hedge funds own 68.52% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $35.00 price objective for the company in a report on Monday, September 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $33.00.
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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