Insider Selling: Cathay General Bancorp (NASDAQ:CATY) Chairman Sells 17,969 Shares of Stock

Cathay General Bancorp (NASDAQ:CATY) Chairman Dunson K. Cheng sold 17,969 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $37.62, for a total value of $675,993.78. Following the completion of the transaction, the chairman now directly owns 43,015 shares in the company, valued at approximately $1,618,224.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Shares of CATY opened at $37.44 on Wednesday. The business’s 50-day moving average price is $36.75 and its 200 day moving average price is $35.29. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.99 billion, a P/E ratio of 11.21 and a beta of 1.29. Cathay General Bancorp has a 1-year low of $31.89 and a 1-year high of $40.06.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Cathay General Bancorp had a net margin of 34.23% and a return on equity of 12.68%. The company had revenue of $157.39 million during the quarter, compared to analyst estimates of $156.07 million. During the same period in the prior year, the firm earned $0.85 earnings per share. On average, research analysts predict that Cathay General Bancorp will post 3.48 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Monday, December 2nd will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, November 29th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 37.13%.

A number of brokerages have recently commented on CATY. ValuEngine upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. BidaskClub cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, December 4th. Zacks Investment Research upgraded Cathay General Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, October 21st. Finally, Wedbush cut their target price on Cathay General Bancorp from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $41.50.

Several hedge funds have recently added to or reduced their stakes in the company. Quest Capital Management Inc. ADV purchased a new position in Cathay General Bancorp during the 3rd quarter worth approximately $27,000. Parallel Advisors LLC acquired a new position in Cathay General Bancorp during the second quarter valued at $37,000. Tower Research Capital LLC TRC raised its position in Cathay General Bancorp by 101.1% during the third quarter. Tower Research Capital LLC TRC now owns 2,349 shares of the bank’s stock valued at $82,000 after buying an additional 1,181 shares during the period. Oppenheimer Asset Management Inc. raised its position in Cathay General Bancorp by 31.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 2,393 shares of the bank’s stock valued at $83,000 after buying an additional 575 shares during the period. Finally, SG Americas Securities LLC lifted its stake in Cathay General Bancorp by 9.8% in the 3rd quarter. SG Americas Securities LLC now owns 5,843 shares of the bank’s stock worth $203,000 after acquiring an additional 521 shares in the last quarter. Institutional investors and hedge funds own 70.49% of the company’s stock.

Cathay General Bancorp Company Profile

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.

See Also: Cost of Goods Sold (COGS)

Insider Buying and Selling by Quarter for Cathay General Bancorp (NASDAQ:CATY)

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