Cathay General Bancorp (NASDAQ:CATY) has been assigned an average rating of “Hold” from the ten analysts that are covering the company, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $44.50.
CATY has been the topic of several recent research reports. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a report on Wednesday, October 11th. Piper Jaffray Companies reiterated a “buy” rating and issued a $43.00 price target on shares of Cathay General Bancorp in a report on Friday, October 6th. BMO Capital Markets reiterated a “buy” rating and issued a $44.00 price target on shares of Cathay General Bancorp in a report on Thursday, October 5th. BidaskClub upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Sandler O’Neill reiterated a “hold” rating and issued a $45.00 price target on shares of Cathay General Bancorp in a report on Thursday, January 4th.
In other Cathay General Bancorp news, COO Irwin Wong sold 6,059 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $42.00, for a total transaction of $254,478.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Dunson K. Cheng sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $42.45, for a total value of $2,122,500.00. Following the transaction, the insider now owns 119,591 shares in the company, valued at approximately $5,076,637.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,059 shares of company stock worth $2,807,978. 5.76% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CATY. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cathay General Bancorp by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after buying an additional 252 shares during the last quarter. Flinton Capital Management LLC boosted its holdings in Cathay General Bancorp by 65.9% during the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after buying an additional 1,424 shares during the last quarter. Riverhead Capital Management LLC boosted its holdings in Cathay General Bancorp by 63.5% during the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock worth $149,000 after buying an additional 1,524 shares during the last quarter. Allianz Asset Management GmbH bought a new position in Cathay General Bancorp during the third quarter worth about $206,000. Finally, Narus Financial Partners LLC bought a new position in Cathay General Bancorp during the third quarter worth about $207,000. Hedge funds and other institutional investors own 67.47% of the company’s stock.
Shares of Cathay General Bancorp (CATY) traded down $0.51 during trading hours on Monday, hitting $44.08. The stock had a trading volume of 204,189 shares, compared to its average volume of 307,699. Cathay General Bancorp has a 52 week low of $34.00 and a 52 week high of $45.54. The firm has a market capitalization of $3,563.35, a price-to-earnings ratio of 17.92, a PEG ratio of 1.93 and a beta of 1.35. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The company had revenue of $146.20 million during the quarter, compared to analyst estimates of $135.27 million. During the same period last year, the company posted $0.58 earnings per share. The firm’s quarterly revenue was up 29.8% compared to the same quarter last year. analysts predict that Cathay General Bancorp will post 2.49 EPS for the current fiscal year.
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Cathay General Bancorp Company Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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