Cathay General Bancorp (NASDAQ:CATY) has received a consensus recommendation of “Hold” from the six research firms that are covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $46.50.
A number of research analysts have weighed in on CATY shares. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. Zacks Investment Research lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 23rd.
In other Cathay General Bancorp news, EVP Kim R. Bingham sold 900 shares of the business’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $37.61, for a total value of $33,849.00. Following the completion of the transaction, the executive vice president now owns 27,520 shares in the company, valued at $1,035,027.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dunson K. Cheng sold 31,000 shares of Cathay General Bancorp stock in a transaction on Tuesday, November 27th. The stock was sold at an average price of $38.69, for a total transaction of $1,199,390.00. Following the sale, the insider now directly owns 30,828 shares of the company’s stock, valued at $1,192,735.32. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in the company. Legal & General Group Plc raised its holdings in shares of Cathay General Bancorp by 6.4% in the fourth quarter. Legal & General Group Plc now owns 79,832 shares of the bank’s stock valued at $2,677,000 after buying an additional 4,792 shares during the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in shares of Cathay General Bancorp in the fourth quarter valued at about $615,000. Metropolitan Life Insurance Co. NY raised its holdings in shares of Cathay General Bancorp by 75.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 44,726 shares of the bank’s stock valued at $1,500,000 after buying an additional 19,267 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Cathay General Bancorp in the fourth quarter valued at about $308,000. Finally, Principal Financial Group Inc. increased its stake in shares of Cathay General Bancorp by 6.1% during the fourth quarter. Principal Financial Group Inc. now owns 1,186,178 shares of the bank’s stock worth $39,773,000 after acquiring an additional 68,310 shares during the period. 72.99% of the stock is owned by institutional investors and hedge funds.
Cathay General Bancorp stock traded up $0.01 during midday trading on Tuesday, reaching $39.35. The company had a trading volume of 109,375 shares, compared to its average volume of 506,113. The firm has a market capitalization of $3.19 billion, a PE ratio of 11.78, a P/E/G ratio of 1.38 and a beta of 1.29. Cathay General Bancorp has a 12-month low of $31.94 and a 12-month high of $44.05. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, January 23rd. The bank reported $0.80 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.80. The firm had revenue of $155.88 million for the quarter, compared to analyst estimates of $155.75 million. Cathay General Bancorp had a net margin of 37.84% and a return on equity of 13.18%. During the same period last year, the company posted $0.61 EPS. On average, sell-side analysts predict that Cathay General Bancorp will post 3.5 EPS for the current fiscal year.
Cathay General Bancorp announced that its board has approved a stock buyback plan on Friday, October 26th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Cathay General Bancorp Company Profile
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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