Cathay General Bancorp (NASDAQ:CATY) shares reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $42.17 and last traded at $42.28, with a volume of 382,282 shares traded. The stock had previously closed at $41.07.
The bank reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $146.20 million for the quarter, compared to the consensus estimate of $135.27 million. Cathay General Bancorp had a return on equity of 10.76% and a net margin of 33.87%. Cathay General Bancorp’s quarterly revenue was up 29.8% on a year-over-year basis. During the same period last year, the business posted $0.58 EPS.
Several research analysts have commented on CATY shares. Zacks Investment Research downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. BMO Capital Markets restated a “buy” rating and set a $44.00 price objective on shares of Cathay General Bancorp in a report on Thursday, October 5th. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 3rd. Piper Jaffray Companies reiterated a “buy” rating and issued a $42.00 price target on shares of Cathay General Bancorp in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada lifted their price target on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, July 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Cathay General Bancorp has an average rating of “Hold” and an average target price of $41.86.
Several large investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Cathay General Bancorp by 7.0% in the 2nd quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock valued at $322,995,000 after acquiring an additional 554,856 shares during the period. Vanguard Group Inc. increased its holdings in shares of Cathay General Bancorp by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 6,978,981 shares of the bank’s stock valued at $262,968,000 after acquiring an additional 182,443 shares during the period. State Street Corp increased its holdings in shares of Cathay General Bancorp by 6.3% in the 2nd quarter. State Street Corp now owns 3,810,885 shares of the bank’s stock valued at $144,623,000 after acquiring an additional 227,348 shares during the period. Northern Trust Corp increased its holdings in shares of Cathay General Bancorp by 11.9% in the 2nd quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock valued at $92,992,000 after acquiring an additional 261,148 shares during the period. Finally, Prudential Financial Inc. increased its holdings in shares of Cathay General Bancorp by 23.1% in the 2nd quarter. Prudential Financial Inc. now owns 1,185,515 shares of the bank’s stock valued at $44,990,000 after acquiring an additional 222,106 shares during the period. Institutional investors and hedge funds own 67.92% of the company’s stock.
The company has a market cap of $3.42 billion, a price-to-earnings ratio of 17.42 and a beta of 1.31. The stock’s 50-day moving average price is $38.99 and its 200 day moving average price is $37.70.
COPYRIGHT VIOLATION NOTICE: “Cathay General Bancorp (CATY) Sets New 1-Year High Following Better-Than-Expected Earnings” was originally reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this news story on another publication, it was stolen and reposted in violation of United States & international copyright laws. The original version of this news story can be accessed at https://www.dispatchtribunal.com/2017/10/28/cathay-general-bancorp-caty-sets-new-1-year-high-following-better-than-expected-earnings.html.
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.
Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.