Brokerages Set Cathay General Bancorp (CATY) PT at $44.50

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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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