Peter Wu Sells 40,000 Shares of Cathay General Bancorp (NASDAQ:CATY) Stock

Cathay General Bancorp (NASDAQ:CATY) Vice Chairman Peter Wu sold 40,000 shares of Cathay General Bancorp stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the sale, the insider now directly owns 295,252 shares in the company, valued at $15,609,973.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Peter Wu also recently made the following trade(s):

• On Wednesday, October 30th, Peter Wu sold 7,289 shares of Cathay General Bancorp stock. The shares were sold at an average price of $47.05, for a total transaction of $342,947.45.

Cathay General Bancorp Stock Up 0.4 %

Shares of CATY opened at $51.11 on Friday. The stock’s 50-day moving average price is $44.21 and its two-hundred day moving average price is $40.71. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $53.19. The company has a market capitalization of $3.69 billion, a PE ratio of 12.87 and a beta of 1.10. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The company 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 period in the prior year, the firm earned $1.13 earnings per share. On average, analysts anticipate that Cathay General Bancorp will post 4 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Thursday, August 29th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.26%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Piper Sandler increased their price target 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. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Truist Financial boosted their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Finally, Wedbush raised their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and an average price target of $44.00.

Hedge Funds Weigh In On Cathay General Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of CATY. Mirae Asset Global Investments Co. Ltd. grew its holdings in Cathay General Bancorp by 38.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,129 shares of the bank’s stock worth $2,065,000 after acquiring an additional 16,011 shares during the period. BNP Paribas Financial Markets increased its holdings in Cathay General Bancorp by 105.6% in the first quarter. BNP Paribas Financial Markets now owns 40,975 shares of the bank’s stock worth $1,550,000 after purchasing an additional 21,042 shares in the last quarter. Texas Permanent School Fund Corp lifted its stake in Cathay General Bancorp by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank’s stock valued at $2,405,000 after buying an additional 824 shares during the period. Sciencast Management LP bought a new position in shares of Cathay General Bancorp during the 1st quarter worth approximately $206,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of Cathay General Bancorp by 8.4% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,314 shares of the bank’s stock worth $352,000 after buying an additional 720 shares during the period. Institutional investors and hedge funds own 75.01% 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.