Cathay General Bancorp (NASDAQ:CATY) had its price objective reduced by DA Davidson to $43.50 in a research report sent to investors on Thursday morning. They currently have a neutral rating on the bank’s stock. DA Davidson also issued estimates for Cathay General Bancorp’s Q2 2018 earnings at $0.87 EPS, Q3 2018 earnings at $0.77 EPS, Q4 2018 earnings at $0.75 EPS, FY2018 earnings at $3.18 EPS and FY2019 earnings at $3.34 EPS.
Several other analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of Cathay General Bancorp from a hold rating to a buy rating and set a $44.00 price objective for the company in a research note on Wednesday, April 4th. ValuEngine cut shares of Cathay General Bancorp from a buy rating to a hold rating in a research note on Monday, April 2nd. BidaskClub cut shares of Cathay General Bancorp from a hold rating to a sell rating in a research note on Tuesday, March 27th. BMO Capital Markets raised their price objective on shares of Cathay General Bancorp to $51.00 and gave the company a market perform rating in a research note on Wednesday, January 31st. Finally, Piper Jaffray reiterated a buy rating and issued a $51.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. Cathay General Bancorp currently has an average rating of Hold and a consensus target price of $44.61.
Shares of NASDAQ CATY traded down $0.18 during midday trading on Thursday, hitting $40.28. The company had a trading volume of 203,412 shares, compared to its average volume of 350,361. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.33. Cathay General Bancorp has a twelve month low of $34.00 and a twelve month high of $45.59. The stock has a market capitalization of $3,191.45, a price-to-earnings ratio of 16.45, a price-to-earnings-growth ratio of 1.55 and a beta of 1.38.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, April 18th. The bank reported $0.78 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. Cathay General Bancorp had a net margin of 29.83% and a return on equity of 11.11%. The firm had revenue of $140.65 million during the quarter, compared to analysts’ expectations of $141.83 million. During the same quarter last year, the business earned $0.61 earnings per share. equities research analysts expect that Cathay General Bancorp will post 3.17 EPS for the current fiscal year.
In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 33,045 shares of Cathay General Bancorp stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $44.36, for a total transaction of $1,465,876.20. Following the completion of the transaction, the insider now owns 12,976 shares in the company, valued at $575,615.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dunson K. Cheng sold 20,000 shares of Cathay General Bancorp stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $41.92, for a total transaction of $838,400.00. Following the transaction, the insider now owns 97,124 shares of the company’s stock, valued at approximately $4,071,438.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,845 shares of company stock valued at $2,474,174. 5.76% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Boyer & Corporon Wealth Management LLC grew its holdings in Cathay General Bancorp by 1.3% in the fourth quarter. Boyer & Corporon Wealth Management LLC now owns 111,084 shares of the bank’s stock valued at $4,684,000 after purchasing an additional 1,450 shares during the period. Aperio Group LLC grew its stake in Cathay General Bancorp by 6.8% during the fourth quarter. Aperio Group LLC now owns 23,086 shares of the bank’s stock worth $974,000 after buying an additional 1,468 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cathay General Bancorp by 51.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock worth $194,000 after buying an additional 1,569 shares during the period. Flinton Capital Management LLC grew its stake in Cathay General Bancorp by 49.6% during the fourth quarter. Flinton Capital Management LLC now owns 5,408 shares of the bank’s stock worth $228,000 after buying an additional 1,792 shares during the period. Finally, Commerce Bank grew its stake in Cathay General Bancorp by 11.2% during the fourth quarter. Commerce Bank now owns 20,590 shares of the bank’s stock worth $869,000 after buying an additional 2,070 shares during the period. Institutional investors own 67.91% of the company’s stock.
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About Cathay General Bancorp
Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.
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