BidaskClub lowered shares of Cathay General Bancorp (NASDAQ:CATY) from a buy rating to a hold rating in a report released on Friday, December 29th.
CATY has been the subject of several other reports. BMO Capital Markets increased their price objective on shares of Cathay General Bancorp from $44.00 to $45.00 and gave the company an outperform rating in a research report on Friday, November 3rd. Zacks Investment Research raised shares of Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 price objective for the company in a research report on Monday, October 30th. Finally, Piper Jaffray Companies reaffirmed a buy rating and issued a $43.00 price objective on shares of Cathay General Bancorp in a research report on Friday, September 1st. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $44.50.
Shares of Cathay General Bancorp (NASDAQ CATY) opened at $44.70 on Friday. Cathay General Bancorp has a one year low of $34.00 and a one year high of $45.54. The firm has a market cap of $3,612.65, a PE ratio of 17.95, a P/E/G ratio of 1.95 and a beta of 1.35. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business had revenue of $146.20 million during the quarter, compared to analyst estimates of $135.27 million. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The company’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.58 earnings per share. analysts anticipate that Cathay General Bancorp will post 2.49 EPS for the current year.
In other news, COO Irwin Wong sold 6,059 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were 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 accessible through this hyperlink. Also, insider Dunson K. Cheng sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the sale, the insider now directly owns 119,591 shares in the company, valued at approximately $5,076,637.95. The disclosure for this sale can be found here. Insiders have sold a total of 66,059 shares of company stock worth $2,807,978 in the last ninety days. Corporate insiders own 5.76% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. OxFORD Asset Management LLP grew its stake in Cathay General Bancorp by 84.2% in the 2nd quarter. OxFORD Asset Management LLP now owns 10,957 shares of the bank’s stock valued at $416,000 after acquiring an additional 5,009 shares during the period. Koch Industries Inc. lifted its holdings in Cathay General Bancorp by 6,239.0% in the 2nd quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock valued at $402,000 after purchasing an additional 406,471 shares in the last quarter. Laurion Capital Management LP purchased a new position in Cathay General Bancorp in the 2nd quarter valued at $687,000. JPMorgan Chase & Co. lifted its holdings in Cathay General Bancorp by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 676,514 shares of the bank’s stock valued at $25,674,000 after purchasing an additional 25,728 shares in the last quarter. Finally, Prudential Financial Inc. lifted its holdings in Cathay General Bancorp by 4.6% in the 3rd quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock valued at $49,860,000 after purchasing an additional 54,780 shares in the last quarter. 67.47% of the stock is currently owned by hedge funds and other 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); 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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