Shares of Cathay General Bancorp (NASDAQ:CATY – Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $61.65 and last traded at $61.3110, with a volume of 70100 shares traded. The stock had previously closed at $60.89.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on the stock. Piper Sandler increased their price objective on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company an “underweight” rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods increased their price target on shares of Cathay General Bancorp from $55.00 to $58.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cathay General Bancorp presently has a consensus rating of “Hold” and a consensus price target of $51.75.
Read Our Latest Stock Report on Cathay General Bancorp
Cathay General Bancorp Trading Up 1.7%
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Cathay General Bancorp had a net margin of 23.79% and a return on equity of 11.37%. The company had revenue of $213.20 million for the quarter, compared to the consensus estimate of $211.26 million. During the same period last year, the firm posted $0.98 EPS. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. As a group, equities research analysts predict that Cathay General Bancorp will post 5.4 earnings per share for the current fiscal year.
Cathay General Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Thursday, May 28th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Thursday, May 28th. Cathay General Bancorp’s payout ratio is presently 31.34%.
Cathay General Bancorp declared that its Board of Directors has approved a share buyback plan on Thursday, April 23rd that authorizes the company to repurchase $150,000.00 billion in shares. This repurchase authorization authorizes the bank to purchase up to 4,164,630.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
Insider Activity
In other news, SVP May K. Chan sold 558 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $56.00, for a total transaction of $31,248.00. Following the sale, the senior vice president directly owned 2,693 shares in the company, valued at approximately $150,808. This represents a 17.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $57.33, for a total value of $1,146,600.00. Following the sale, the insider owned 275,252 shares in the company, valued at $15,780,197.16. The trade was a 6.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 25,394 shares of company stock valued at $1,421,341. 4.53% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Cathay General Bancorp
Hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its position in shares of Cathay General Bancorp by 3.0% during the first quarter. NewEdge Advisors LLC now owns 8,068 shares of the bank’s stock worth $402,000 after acquiring an additional 237 shares during the last quarter. Bank of America Corp DE lifted its position in Cathay General Bancorp by 35.4% in the 1st quarter. Bank of America Corp DE now owns 351,195 shares of the bank’s stock valued at $17,511,000 after purchasing an additional 91,820 shares during the last quarter. Amundi lifted its position in Cathay General Bancorp by 13.6% in the 1st quarter. Amundi now owns 12,305 shares of the bank’s stock valued at $614,000 after purchasing an additional 1,472 shares during the last quarter. California State Teachers Retirement System boosted its stake in Cathay General Bancorp by 12.1% during the 1st quarter. California State Teachers Retirement System now owns 68,258 shares of the bank’s stock valued at $3,403,000 after purchasing an additional 7,361 shares during the period. Finally, Royal Bank of Canada boosted its stake in Cathay General Bancorp by 290.0% during the 1st quarter. Royal Bank of Canada now owns 20,810 shares of the bank’s stock valued at $1,039,000 after purchasing an additional 15,474 shares during the period. 75.01% of the stock is currently owned by institutional investors.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.
Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.
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