Cathay General Bancorp (NASDAQ:CATY) hit a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The stock traded as high as $39.24 and last traded at $39.23, with a volume of 185,506 shares changing hands. The stock had previously closed at $39.04.
The newly announced dividend which will be paid on Friday, March 10th. Stockholders of record on Wednesday, March 1st will be given a dividend of $0.22 per share. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a dividend yield of 2.25%. Cathay General Bancorp’s payout ratio is 38.36%.
Several analysts have recently weighed in on CATY shares. Zacks Investment Research lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, October 21st. Piper Jaffray Companies upgraded shares of Cathay General Bancorp from a “neutral” rating to an “overweight” rating and set a $43.00 target price on the stock in a research report on Thursday, February 2nd. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Cathay General Bancorp presently has an average rating of “Hold” and a consensus price target of $36.40.
The stock has a market capitalization of $3.12 billion, a PE ratio of 17.91 and a beta of 1.19. The stock’s 50-day moving average is $37.45 and its 200 day moving average is $33.69.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, January 25th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.60. Cathay General Bancorp had a net margin of 32.89% and a return on equity of 9.94%. The firm had revenue of $117.86 million for the quarter, compared to analyst estimates of $114.49 million. During the same period in the prior year, the firm posted $0.51 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, analysts predict that Cathay General Bancorp will post $2.33 earnings per share for the current fiscal year.
In other news, Vice Chairman Peter Wu sold 50,000 shares of the stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $36.32, for a total value of $1,816,000.00. Following the transaction, the insider now directly owns 12,976 shares of the company’s stock, valued at $471,288.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dunson K. Cheng sold 40,000 shares of the stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $35.62, for a total transaction of $1,424,800.00. Following the completion of the transaction, the insider now directly owns 263,907 shares in the company, valued at $9,400,367.34. The disclosure for this sale can be found here. Insiders have sold 347,310 shares of company stock worth $12,597,682 over the last ninety days. Insiders own 6.36% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Prudential Financial Inc. raised its position in shares of Cathay General Bancorp by 58.4% in the third quarter. Prudential Financial Inc. now owns 535,289 shares of the company’s stock valued at $16,476,000 after buying an additional 197,460 shares during the last quarter. Retirement Systems of Alabama raised its position in shares of Cathay General Bancorp by 1.0% in the third quarter. Retirement Systems of Alabama now owns 95,527 shares of the company’s stock valued at $2,940,000 after buying an additional 940 shares during the last quarter. Teachers Advisors LLC raised its position in shares of Cathay General Bancorp by 438.5% in the third quarter. Teachers Advisors LLC now owns 644,138 shares of the company’s stock valued at $19,827,000 after buying an additional 524,526 shares during the last quarter. First Trust Advisors LP raised its position in shares of Cathay General Bancorp by 72.0% in the third quarter. First Trust Advisors LP now owns 133,940 shares of the company’s stock valued at $4,123,000 after buying an additional 56,079 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Cathay General Bancorp by 2.2% in the third quarter. Northern Trust Corp now owns 2,098,048 shares of the company’s stock valued at $64,577,000 after buying an additional 45,066 shares during the last quarter. 65.72% of the stock is currently owned by institutional investors.
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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); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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