Gold prices dip as hawkish Fed minutes weigh ahead of Jackson Hole
Cathay General Bancorp (NASDAQ:CATY), a $3 billion regional bank with a solid dividend history spanning 35 consecutive years, saw its Vice Chairman Anthony M. Tang recently sell 2,500 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at $45 each, amounting to a total transaction value of $112,500. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
Following this transaction, Tang holds 188,792 shares directly. Additionally, he has indirect holdings through an Employee Stock Ownership Plan (ESOP) and YFO Investments, where his spouse is a beneficiary, totaling 114,411 and 300,000 shares, respectively. Tang also maintains 362,925 shares through his spouse. The stock has seen significant price decline over the past three months, with a P/E ratio of 10.7x and maintaining a healthy 3.2% dividend yield.
This stock sale is part of Tang’s ongoing management of his investment in Cathay General Bancorp, a state commercial bank headquartered in Los Angeles, California. For deeper insights into insider trading patterns and 8 additional exclusive ProTips about CATY, visit InvestingPro.
In other recent news, Cathay General Bancorp reported strong financial results for the third quarter of 2024, with earnings per share (EPS) of $1.12, surpassing the forecast of $1.10. The company’s revenue also exceeded expectations, reaching $186.48 million compared to the anticipated $185.63 million. Despite these positive results, analysts have adjusted their price targets for the company. Keefe, Bruyette & Woods lowered their target from $56 to $55, maintaining a Market Perform rating, citing increased expenses and higher credit costs as factors influencing their decision. Similarly, Stephens revised their price target from $60 to $57, but retained an Overweight rating due to Cathay’s better-than-expected fourth-quarter performance and strong net interest income. The bank’s net interest margin for the third quarter was 3.04%, slightly up from the previous quarter’s 3.01%. Cathay General Bancorp continues its stock buyback program, planning $35 million in repurchases for the upcoming quarters. Analysts are monitoring the bank’s commercial real estate exposure and its impact on future performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.