Cathay General Bancorp (NASDAQ:CATY) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a sell rating to a hold rating in a report issued on Thursday morning, BidAskClub reports.

Other equities analysts have also issued research reports about the stock. Zacks Investment Research lowered shares of Cathay General Bancorp from a buy rating to a hold rating in a report on Monday, July 1st. Piper Jaffray Companies set a $44.00 target price on shares of Cathay General Bancorp and gave the company a buy rating in a report on Monday, July 8th.

Shares of NASDAQ:CATY traded up $0.40 during trading on Thursday, reaching $35.74. The company had a trading volume of 628,546 shares, compared to its average volume of 444,547. The company has a fifty day moving average of $34.34 and a two-hundred day moving average of $35.38. The stock has a market capitalization of $2.76 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 1.24 and a beta of 1.28. Cathay General Bancorp has a 12 month low of $31.89 and a 12 month high of $43.53. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.34.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.04. The firm had revenue of $156.17 million for the quarter, compared to analyst estimates of $154.13 million. Cathay General Bancorp had a net margin of 34.86% and a return on equity of 12.73%. During the same quarter in the prior year, the firm earned $0.90 EPS. As a group, equities research analysts predict that Cathay General Bancorp will post 3.5 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend is Friday, August 30th. Cathay General Bancorp’s dividend payout ratio is currently 37.13%.

In related news, EVP Lisa L. Kim sold 3,745 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $34.70, for a total transaction of $129,951.50. Following the transaction, the executive vice president now owns 3,288 shares of the company’s stock, valued at approximately $114,093.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kim R. Bingham sold 3,400 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $36.21, for a total transaction of $123,114.00. Following the transaction, the executive vice president now directly owns 25,269 shares in the company, valued at approximately $914,990.49. The disclosure for this sale can be found here. 4.73% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at $37,000. Royce & Associates LP purchased a new stake in Cathay General Bancorp during the 1st quarter valued at $48,000. Denali Advisors LLC purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at $108,000. NumerixS Investment Technologies Inc purchased a new stake in Cathay General Bancorp during the 1st quarter valued at $122,000. Finally, A.R.T. Advisors LLC purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at $212,000. 71.61% of the stock is currently owned by institutional investors.

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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