Cathay General Bancorp (NASDAQ:CATY) Director Kelly L. Chan purchased 500 shares of the firm’s stock in a transaction on Tuesday, December 4th. The stock was bought at an average cost of $37.45 per share, for a total transaction of $18,725.00. Following the completion of the purchase, the director now directly owns 86,830 shares in the company, valued at $3,251,783.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Shares of CATY stock traded down $0.30 during trading hours on Friday, reaching $37.27. The company’s stock had a trading volume of 548,879 shares, compared to its average volume of 401,013. The firm has a market cap of $3.05 billion, a P/E ratio of 15.15, a P/E/G ratio of 1.40 and a beta of 1.25. Cathay General Bancorp has a one year low of $35.73 and a one year high of $45.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.04.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, October 17th. The bank reported $0.85 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.85. The firm had revenue of $152.92 million for the quarter, compared to analyst estimates of $153.90 million. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. During the same period last year, the company earned $0.61 EPS. As a group, equities analysts predict that Cathay General Bancorp will post 3.35 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Stockholders of record on Monday, December 3rd will be given a $0.31 dividend. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.24. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, November 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 50.41%.
Cathay General Bancorp announced that its Board of Directors has authorized a share buyback program on Friday, October 26th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
Several hedge funds have recently modified their holdings of the company. Mutual Advisors LLC bought a new stake in shares of Cathay General Bancorp during the third quarter valued at approximately $205,000. Nomura Holdings Inc. bought a new stake in shares of Cathay General Bancorp during the second quarter valued at approximately $219,000. Laurion Capital Management LP bought a new stake in shares of Cathay General Bancorp during the second quarter valued at approximately $241,000. Commonwealth Bank of Australia bought a new stake in shares of Cathay General Bancorp during the third quarter valued at approximately $256,000. Finally, Signition LP bought a new stake in shares of Cathay General Bancorp during the second quarter valued at approximately $270,000. Hedge funds and other institutional investors own 71.92% of the company’s stock.
A number of brokerages have recently weighed in on CATY. BidaskClub lowered Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 20th. ValuEngine upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, October 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Cathay General Bancorp has a consensus rating of “Hold” and an average price target of $47.64.
About Cathay General Bancorp
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.
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