Insider Selling: Cathay General Bancorp (NASDAQ:CATY) Vice Chairman Sells $207,750.00 in Stock

Cathay General Bancorp (NASDAQ:CATY – Get Rating) Vice Chairman Anthony M. Tang sold 5,000 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $41.55, for a total transaction of $207,750.00. Following the completion of the transaction, the insider now directly owns 243,964 shares of the company’s stock, valued at $10,136,704.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $41.46 on Friday. Cathay General Bancorp has a fifty-two week low of $37.37 and a fifty-two week high of $48.88. The company has a 50 day simple moving average of $40.24 and a two-hundred day simple moving average of $42.73. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 10.16 and a beta of 1.17. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY – Get Rating) last posted its quarterly earnings results on Monday, July 25th. The bank reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.01. Cathay General Bancorp had a net margin of 40.69% and a return on equity of 12.77%. During the same quarter in the previous year, the business earned $0.97 EPS. Analysts expect that Cathay General Bancorp will post 4.7 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 6th. Stockholders of record on Friday, May 27th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date was Thursday, May 26th. Cathay General Bancorp’s payout ratio is 33.33%.

Institutional Investors Weigh In On Cathay General Bancorp

A number of institutional investors have recently made changes to their positions in CATY. Lazard Asset Management LLC purchased a new stake in Cathay General Bancorp in the fourth quarter worth approximately $29,000. Covestor Ltd purchased a new stake in Cathay General Bancorp in the fourth quarter worth approximately $29,000. Point72 Hong Kong Ltd purchased a new stake in Cathay General Bancorp in the fourth quarter worth approximately $39,000. Parallel Advisors LLC boosted its holdings in Cathay General Bancorp by 91.6% in the second quarter. Parallel Advisors LLC now owns 1,069 shares of the bank’s stock worth $42,000 after purchasing an additional 511 shares during the last quarter. Finally, Allworth Financial LP purchased a new stake in Cathay General Bancorp in the first quarter worth approximately $44,000. Hedge funds and other institutional investors own 69.48% of the company’s stock.

Wall Street Analysts Forecast Growth

CATY has been the subject of a number of research reports. Truist Financial decreased their price target on shares of Cathay General Bancorp from $46.00 to $43.00 in a research note on Wednesday, June 15th. Stephens decreased their target price on shares of Cathay General Bancorp to $44.00 in a research note on Tuesday, July 26th. Finally, Piper Sandler decreased their target price on shares of Cathay General Bancorp to $43.00 in a research note on Monday, July 4th.

About Cathay General Bancorp

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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.