Cathay General Bancorp (NASDAQ:CATY) EVP Sells $42,300.00 in Stock

Cathay General Bancorp (NASDAQ:CATY) EVP Thomas M. Lo sold 900 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total transaction of $42,300.00. Following the completion of the transaction, the executive vice president now owns 3,359 shares of the company’s stock, valued at $157,873. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Cathay General Bancorp Stock Down 0.1 %

NASDAQ:CATY opened at $45.93 on Friday. The stock has a 50-day simple moving average of $43.67 and a 200 day simple moving average of $40.18. Cathay General Bancorp has a one year low of $33.88 and a one year high of $47.65. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 11.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.01). The firm had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a return on equity of 11.30% and a net margin of 20.57%. During the same quarter in the previous year, the business posted $1.13 EPS. Sell-side analysts predict that Cathay General Bancorp will post 3.98 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were paid a dividend of $0.34 per share. The ex-dividend date was Thursday, August 29th. This represents a $1.36 annualized dividend and a yield of 2.96%. Cathay General Bancorp’s payout ratio is 34.26%.

Analysts Set New Price Targets

CATY has been the subject of several recent analyst reports. Piper Sandler raised their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. Wedbush raised their price objective on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Truist Financial upped their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Finally, StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $44.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CATY. CWA Asset Management Group LLC acquired a new position in Cathay General Bancorp in the third quarter valued at approximately $671,000. Congress Asset Management Co. increased its position in Cathay General Bancorp by 1.0% in the third quarter. Congress Asset Management Co. now owns 150,938 shares of the bank’s stock worth $6,483,000 after buying an additional 1,457 shares during the period. NorthCrest Asset Manangement LLC increased its position in Cathay General Bancorp by 179.5% in the third quarter. NorthCrest Asset Manangement LLC now owns 49,688 shares of the bank’s stock worth $2,134,000 after buying an additional 31,912 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Cathay General Bancorp by 12.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,399 shares of the bank’s stock valued at $1,890,000 after buying an additional 4,855 shares during the last quarter. Finally, Pure Portfolios Holdings LLC acquired a new position in shares of Cathay General Bancorp during the third quarter valued at $6,271,000. 75.01% of the stock is currently owned by institutional investors.

About Cathay General Bancorp

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.