BMO Capital Markets restated their hold rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research report sent to investors on Wednesday, December 20th. The brokerage currently has a $46.00 target price on the bank’s stock.
Several other brokerages have also recently issued reports on CATY. Zacks Investment Research cut Cathay General Bancorp from a buy rating to a hold rating in a research note on Wednesday, November 1st. Royal Bank of Canada raised their price objective on Cathay General Bancorp from $43.00 to $45.00 and gave the stock an outperform rating in a research note on Thursday, October 26th. Finally, Piper Jaffray Companies restated a buy rating and set a $43.00 price objective on shares of Cathay General Bancorp in a research note on Friday, October 6th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $44.50.
Shares of Cathay General Bancorp (CATY) traded up $0.81 during trading hours on Wednesday, reaching $44.32. 299,891 shares of the company’s stock traded hands, compared to its average volume of 354,849. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a one year low of $34.00 and a one year high of $45.54. The firm has a market capitalization of $3,520.00, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 1.92 and a beta of 1.35.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share (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 company had revenue of $146.20 million during the quarter, compared to the consensus estimate of $135.27 million. During the same quarter last year, the company earned $0.58 earnings per share. Cathay General Bancorp’s revenue for the quarter was up 29.8% on a year-over-year basis. equities research analysts anticipate that Cathay General Bancorp will post 2.49 EPS for the current year.
In related news, insider Dunson K. Cheng sold 50,000 shares of Cathay General Bancorp stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the transaction, the insider now directly owns 119,591 shares of the company’s stock, valued at $5,076,637.95. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Irwin Wong sold 6,059 shares of Cathay General Bancorp stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $42.00, for a total value of $254,478.00. The disclosure for this sale can be found here. Insiders have sold 66,059 shares of company stock worth $2,807,978 over the last three months. Corporate insiders own 5.76% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Alps Advisors Inc. grew its holdings in Cathay General Bancorp by 0.3% during the second quarter. Alps Advisors Inc. now owns 12,271 shares of the bank’s stock worth $466,000 after acquiring an additional 31 shares during the period. Los Angeles Capital Management & Equity Research Inc. grew its holdings in Cathay General Bancorp by 0.5% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,343 shares of the bank’s stock worth $734,000 after acquiring an additional 100 shares during the period. Teacher Retirement System of Texas grew its holdings in Cathay General Bancorp by 1.7% during the second quarter. Teacher Retirement System of Texas now owns 6,069 shares of the bank’s stock worth $230,000 after acquiring an additional 101 shares during the period. Pinebridge Investments L.P. grew its holdings in Cathay General Bancorp by 0.6% during the second quarter. Pinebridge Investments L.P. now owns 40,055 shares of the bank’s stock worth $1,521,000 after acquiring an additional 244 shares during the period. Finally, Amalgamated Bank grew its holdings in Cathay General Bancorp by 2.4% during the second quarter. Amalgamated Bank now owns 10,680 shares of the bank’s stock worth $405,000 after acquiring an additional 250 shares during the period. 67.47% of the stock is currently owned by hedge funds and other institutional investors.
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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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