Cathay General Bancorp (NASDAQ:CATY) Downgraded by BMO Capital Markets to “Market Perform”

BMO Capital Markets downgraded shares of Cathay General Bancorp (NASDAQ:CATY) from an outperform rating to a market perform rating in a research note issued to investors on Thursday, November 30th, Marketbeat Ratings reports. They currently have $45.00 price objective on the bank’s stock.

Several other equities research analysts have also commented on the stock. Zacks Investment Research raised shares of Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 price target for the company in a research report on Monday, October 30th. Royal Bank of Canada boosted their price objective on Cathay General Bancorp from $43.00 to $45.00 and gave the company an outperform rating in a research note on Thursday, October 26th. Piper Jaffray Companies reiterated a buy rating and set a $43.00 price objective on shares of Cathay General Bancorp in a research note on Friday, September 1st. SunTrust Banks initiated coverage on Cathay General Bancorp in a research note on Friday, August 18th. They set a hold rating and a $39.00 price objective for the company. Finally, BidaskClub downgraded Cathay General Bancorp from a sell rating to a strong sell rating in a research note on Saturday, August 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Cathay General Bancorp has a consensus rating of Hold and a consensus target price of $42.14.

Cathay General Bancorp (CATY) opened at $43.02 on Thursday. Cathay General Bancorp has a 52-week low of $34.00 and a 52-week high of $45.54. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $3,480.00, a PE ratio of 17.28, a price-to-earnings-growth ratio of 2.16 and a beta of 1.34.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The firm had revenue of $146.20 million during the quarter, compared to analyst estimates of $135.27 million. During the same quarter in the prior year, the firm earned $0.58 EPS. The business’s revenue for the quarter was up 29.8% compared to the same quarter last year. equities analysts forecast that Cathay General Bancorp will post 2.49 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, December 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.23%. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.21. The ex-dividend date was Thursday, November 30th. Cathay General Bancorp’s dividend payout ratio is presently 39.02%.

In other news, COO Irwin Wong sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total transaction of $431,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dunson K. Cheng sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $42.45, for a total value of $2,122,500.00. Following the sale, the insider now directly owns 119,591 shares in the company, valued at $5,076,637.95. The disclosure for this sale can be found here. Insiders sold a total of 66,059 shares of company stock valued at $2,807,978 over the last 90 days. 5.76% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in CATY. Balyasny Asset Management LLC raised its holdings in Cathay General Bancorp by 4,688.9% during the 2nd quarter. Balyasny Asset Management LLC now owns 732,706 shares of the bank’s stock valued at $27,806,000 after buying an additional 717,406 shares during the period. BlackRock Inc. raised its holdings in Cathay General Bancorp by 7.0% during the 2nd quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock valued at $322,995,000 after buying an additional 554,856 shares during the period. Citadel Advisors LLC purchased a new stake in Cathay General Bancorp during the 3rd quarter valued at $17,058,000. Koch Industries Inc. raised its holdings in Cathay General Bancorp by 6,239.0% during the 2nd quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock valued at $402,000 after buying an additional 406,471 shares during the period. Finally, Northern Trust Corp raised its holdings in Cathay General Bancorp by 11.9% during the 2nd quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock valued at $92,992,000 after buying an additional 261,148 shares during the period. Institutional investors own 67.60% of the company’s stock.

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Cathay General Bancorp Company Profile

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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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