Kim R. Bingham Sells 6,000 Shares of Cathay General Bancorp (NASDAQ:CATY) Stock

Cathay General Bancorp (NASDAQ:CATY) EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.89, for a total value of $269,340.00. Following the completion of the transaction, the executive vice president now directly owns 45,530 shares in the company, valued at approximately $2,043,841.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Cathay General Bancorp Trading Down 2.8 %

CATY traded down $1.25 during trading hours on Monday, reaching $43.99. 397,322 shares of the company’s stock traded hands, compared to its average volume of 347,496. The firm has a 50-day moving average price of $38.05 and a 200 day moving average price of $38.36. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $45.88. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $3.20 billion, a PE ratio of 9.73 and a beta of 1.13.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business had revenue of $178.53 million for the quarter, compared to analysts’ expectations of $179.19 million. During the same quarter in the previous year, the firm earned $1.28 EPS. Cathay General Bancorp’s revenue was down 12.8% compared to the same quarter last year. As a group, sell-side analysts predict that Cathay General Bancorp will post 4.01 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend was Thursday, May 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Institutional Investors Weigh In On Cathay General Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of CATY. Access Investment Management LLC increased its position in Cathay General Bancorp by 1.1% during the 2nd quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock valued at $774,000 after buying an additional 225 shares in the last quarter. Prime Capital Investment Advisors LLC increased its position in Cathay General Bancorp by 4.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock valued at $281,000 after buying an additional 247 shares in the last quarter. SummerHaven Investment Management LLC increased its position in Cathay General Bancorp by 1.9% during the 2nd quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock valued at $842,000 after buying an additional 417 shares in the last quarter. Bessemer Group Inc. increased its position in Cathay General Bancorp by 16.6% during the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after buying an additional 523 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Cathay General Bancorp by 1.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 36,600 shares of the bank’s stock valued at $1,381,000 after buying an additional 600 shares in the last quarter. 75.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CATY shares. Keefe, Bruyette & Woods decreased their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 23rd. Truist Financial lifted their target price on Cathay General Bancorp from $38.00 to $45.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Wedbush lifted their target price on Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Piper Sandler lifted 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. Finally, StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $43.00.

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.