November 23, 2016 - By Linda Rogers
A report filed with the Washington-based Security and Exchange Commission on 22-11-2016 informed us that Dunson Cheng, the Executive Chairman of Cathay General Bancorp, ‘s company unloaded 40,000 shares. With average share price of $35.6 the significant sale’s amount is $1,424,830 US Dollars. In the last 30 days, he also unloaded 40,000 shares worth total $1,418,253 USD. The regulatory filing shows that Dunson Cheng now holds roughly 1.23% of the California-based company’s market capitalization (total value of the shares outstanding)
Out of 3 analysts covering Cathay Bancorp (NASDAQ:CATY), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. $36 is the highest target while $32 is the lowest. The $32.67 average target is -8.72% below today’s ($35.79) stock price. Cathay Bancorp has been the topic of 4 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets on Thursday, January 21 with “Outperform”. RBC Capital Markets maintained Cathay General Bancorp (NASDAQ:CATY) on Wednesday, July 22 with “Outperform” rating. The firm earned “Market Perform” rating on Monday, July 11 by Wood. DA Davidson maintained it with “Neutral” rating and $33 target price in Thursday, April 21 report.
Insitutional Activity: The institutional sentiment decreased to 1.06 in 2016 Q2. Its down 0.08, from 1.14 in 2016Q1. The ratio is negative, as 11 funds sold all Cathay General Bancorp shares owned while 65 reduced positions. 22 funds bought stakes while 65 increased positions. They now own 50.44 million shares or 3.51% less from 52.27 million shares in 2016Q1.
Profund Llc accumulated 13,166 shares or 0.02% of the stock. Moreover, First Citizens Financial Bank And has 0.03% invested in Cathay General Bancorp (NASDAQ:CATY) for 12,673 shares. Liberty Mutual Group Asset Management accumulated 0.03% or 32,134 shares. Victory Mgmt has invested 0% of its portfolio in Cathay General Bancorp (NASDAQ:CATY). Airain Limited accumulated 0.02% or 11,582 shares. Kbc Grp Inc Nv accumulated 0% or 967 shares. First Interstate Natl Bank holds 510 shares or 0% of its portfolio. Voya Invest Management Limited Liability Co reported 33,001 shares or 0% of all its holdings. Moreover, M&R Cap Mgmt has 0.01% invested in Cathay General Bancorp (NASDAQ:CATY) for 700 shares. Moreover, Zurcher Kantonalbank (Zurich Cantonalbank) has 0% invested in Cathay General Bancorp (NASDAQ:CATY) for 1,689 shares. Blackrock Institutional Tru Na has invested 0.01% of its portfolio in Cathay General Bancorp (NASDAQ:CATY). Shelton Cap accumulated 7,638 shares or 0.02% of the stock. Comerica National Bank & Trust holds 0.01% or 50,293 shares in its portfolio. Arizona State Retirement Systems owns 31,230 shares or 0.01% of their US portfolio. Opus Grp Limited accumulated 1.02% or 162,714 shares.
Insider Transactions: Since August 30, 2016, the stock had 0 insider purchases, and 4 insider sales for $3.91 million net activity. $979,398 worth of Cathay General Bancorp (NASDAQ:CATY) was sold by CHENG DUNSON K. WU PETER had sold 30,000 shares worth $939,042 on Tuesday, August 30. Another trade for 44,000 shares valued at $1.55M was sold by CHEN HENG W.
The stock increased 0.31% or $0.11 during the last trading session, hitting $35.79. About 535,983 shares traded hands or 45.94% up from the average. Cathay General Bancorp (NASDAQ:CATY) has risen 15.53% since April 21, 2016 and is uptrending. It has outperformed by 10.20% the S&P500.
Cathay General Bancorp is a bank holding company. The company has a market cap of $2.83 billion. The Firm holds Cathay Bank, a California state-chartered commercial 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. It has a 17.07 P/E ratio. It also owns the common stock of over five statutory business trusts created for issuing capital securities.
According to Zacks Investment Research, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei.”
More notable recent Cathay General Bancorp (NASDAQ:CATY) news were published by: Prnewswire.com which released: “Cathay General Bancorp Announces Agreement To Acquire SinoPac Bancorp” on July 08, 2016, also Nasdaq.com with their article: “Cathay General Bancorp Reaches Analyst Target Price” published on November 11, 2016, Prnewswire.com published: “Cathay General Bancorp Announces Retirement of Dunson K. Cheng and Appointment ..” on August 19, 2016. More interesting news about Cathay General Bancorp (NASDAQ:CATY) were released by: Nasdaq.com and their article: “Ex-Dividend Reminder: Cathay General Bancorp, Safety Insurance Group and ..” published on August 26, 2016 as well as Reuters.com‘s news article titled: “BRIEF-Cathay General Bancorp announces Q3 EPS of $0.58” with publication date: October 19, 2016.
Cathay General Bancorp, incorporated on March 1, 1990, is a bank holding company. The Firm 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. The Firm also owns the common stock of over five statutory business trusts created for issuing capital securities.
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By Linda Rogers