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.
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