Irwin Wong Sells 6,059 Shares of Cathay General Bancorp (CATY) Stock
Cathay General Bancorp (NASDAQ:CATY) COO Irwin Wong sold 6,059 shares of Cathay General Bancorp stock in a transaction on Monday, November 20th. The shares were sold at an average price of $42.00, for a total transaction of $254,478.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Cathay General Bancorp (NASDAQ CATY) opened at $42.24 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37. The firm has a market cap of $3,397.67, a price-to-earnings ratio of 16.88, a P/E/G ratio of 2.11 and a beta of 1.34. Cathay General Bancorp has a 1-year low of $34.00 and a 1-year high of $42.64.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The firm had revenue of $146.20 million for the quarter, compared to the consensus estimate of $135.27 million. During the same quarter in the previous year, the firm posted $0.58 EPS. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. research analysts forecast that Cathay General Bancorp will post 2.49 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, December 1st will be paid a dividend of $0.24 per share. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.21. The ex-dividend date is Thursday, November 30th. This represents a $0.96 annualized dividend and a yield of 2.27%. Cathay General Bancorp’s payout ratio is 34.15%.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio increased its stake in Cathay General Bancorp by 45.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 81,672 shares of the bank’s stock worth $3,283,000 after buying an additional 25,705 shares during the period. GSA Capital Partners LLP purchased a new stake in Cathay General Bancorp during the 3rd quarter worth $585,000. Amussen Hunsaker Associates LLC purchased a new stake in Cathay General Bancorp during the 3rd quarter worth $1,246,000. California Public Employees Retirement System increased its stake in Cathay General Bancorp by 4.6% during the 3rd quarter. California Public Employees Retirement System now owns 179,356 shares of the bank’s stock worth $7,210,000 after buying an additional 7,956 shares during the period. Finally, Narus Financial Partners LLC purchased a new stake in Cathay General Bancorp during the 3rd quarter worth $207,000. 65.46% of the stock is currently owned by hedge funds and other institutional investors.
CATY has been the topic of a number of research analyst reports. BMO Capital Markets lifted their price target on shares of Cathay General Bancorp from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Monday, October 30th. Piper Jaffray Companies reiterated a “buy” rating and issued a $43.00 price target on shares of Cathay General Bancorp in a report on Friday, October 6th. SunTrust Banks, Inc. initiated coverage on shares of Cathay General Bancorp in a report on Friday, August 18th. They issued a “hold” rating and a $39.00 price target on the stock. Finally, Royal Bank Of Canada lifted their price target on shares of Cathay General Bancorp from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $42.14.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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