Cathay General Bancorp (CATY) Sets New 1-Year High Following Better-Than-Expected Earnings

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.

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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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