Cathay General Bancorp (CATY) Insider Sells $3,414,171.50 in Stock
Cathay General Bancorp (NASDAQ:CATY) insider Dunson K. Cheng sold 94,970 shares of the firm’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $35.95, for a total transaction of $3,414,171.50. Following the transaction, the insider now directly owns 293,907 shares of the company’s stock, valued at $10,565,956.65. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Shares of Cathay General Bancorp (NASDAQ:CATY) traded down 2.12% during midday trading on Monday, hitting $35.57. 528,225 shares of the company were exchanged. The company has a market capitalization of $2.81 billion, a P/E ratio of 17.03 and a beta of 1.12. Cathay General Bancorp has a one year low of $25.62 and a one year high of $36.35. The company has a 50-day moving average of $31.95 and a 200 day moving average of $30.53.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, October 19th. The company reported $0.58 EPS for the quarter, missing the Thomson Reuters’ 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 quarter last year, the company earned $0.47 earnings per share. On average, equities research analysts expect that Cathay General Bancorp will post $2.19 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 12th. Shareholders of record on Thursday, December 1st will be issued a $0.21 dividend. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.18. This represents a $0.84 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Tuesday, November 29th. Cathay General Bancorp’s payout ratio is currently 34.29%.
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Several institutional investors have recently added to or reduced their stakes in CATY. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in Cathay General Bancorp by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 22,347 shares of the company’s stock valued at $630,000 after buying an additional 59 shares in the last quarter. Bank of Montreal Can increased its position in Cathay General Bancorp by 0.8% in the third quarter. Bank of Montreal Can now owns 11,316 shares of the company’s stock valued at $348,000 after buying an additional 87 shares in the last quarter. Commonwealth Equity Services Inc increased its position in Cathay General Bancorp by 0.6% in the third quarter. Commonwealth Equity Services Inc now owns 19,357 shares of the company’s stock valued at $596,000 after buying an additional 111 shares in the last quarter. Advantus Capital Management Inc increased its position in Cathay General Bancorp by 1.6% in the third quarter. Advantus Capital Management Inc now owns 9,022 shares of the company’s stock valued at $278,000 after buying an additional 142 shares in the last quarter. Finally, First Citizens Bank & Trust Co. increased its position in Cathay General Bancorp by 1.4% in the third quarter. First Citizens Bank & Trust Co. now owns 12,847 shares of the company’s stock valued at $395,000 after buying an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 67.34% of the company’s stock.
Separately, Zacks Investment Research raised 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 investment 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. The company presently has an average rating of “Hold” and a consensus price target of $33.00.
Cathay General Bancorp Company Profile
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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