Zacks Investment Research downgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a buy rating to a hold rating in a research report released on Friday.
According to Zacks, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei. “
CATY has been the topic of a number of other reports. ValuEngine downgraded shares of Cathay General Bancorp from a buy rating to a hold rating in a report on Monday, April 2nd. Piper Jaffray reiterated a buy rating and issued a $51.00 price objective on shares of Cathay General Bancorp in a report on Tuesday, January 9th. Sandler O’Neill reiterated a hold rating and issued a $45.00 price objective on shares of Cathay General Bancorp in a report on Thursday, January 4th. Keefe, Bruyette & Woods restated a hold rating and set a $44.00 target price on shares of Cathay General Bancorp in a report on Friday, December 22nd. Finally, BidaskClub downgraded shares of Cathay General Bancorp from a hold rating to a sell rating in a report on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $44.61.
NASDAQ CATY opened at $40.11 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.04 and a current ratio of 1.04. Cathay General Bancorp has a 12-month low of $34.00 and a 12-month high of $45.59. The company has a market capitalization of $3,257.21, a PE ratio of 16.30, a price-to-earnings-growth ratio of 1.56 and a beta of 1.38.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, April 18th. The bank reported $0.78 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.78. Cathay General Bancorp had a net margin of 29.83% and a return on equity of 11.02%. The company had revenue of $140.65 million for the quarter, compared to the consensus estimate of $141.83 million. During the same period last year, the company earned $0.61 earnings per share. analysts predict that Cathay General Bancorp will post 3.23 EPS for the current fiscal year.
In related news, insider Dunson K. Cheng sold 20,000 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $41.92, for a total transaction of $838,400.00. Following the transaction, the insider now directly owns 97,124 shares in the company, valued at $4,071,438.08. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Peter Wu sold 33,045 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $44.36, for a total transaction of $1,465,876.20. Following the transaction, the insider now owns 12,976 shares in the company, valued at $575,615.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,845 shares of company stock worth $2,474,174. 5.76% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of CATY. APG Asset Management N.V. boosted its position in Cathay General Bancorp by 219.7% during the fourth quarter. APG Asset Management N.V. now owns 392,900 shares of the bank’s stock worth $13,798,000 after purchasing an additional 270,000 shares during the period. Chicago Equity Partners LLC boosted its position in Cathay General Bancorp by 159.1% during the fourth quarter. Chicago Equity Partners LLC now owns 242,780 shares of the bank’s stock worth $10,238,000 after purchasing an additional 149,090 shares during the period. BlackRock Inc. boosted its position in Cathay General Bancorp by 1.3% during the fourth quarter. BlackRock Inc. now owns 8,862,311 shares of the bank’s stock worth $373,722,000 after purchasing an additional 112,337 shares during the period. TIAA CREF Investment Management LLC boosted its position in Cathay General Bancorp by 22.0% during the fourth quarter. TIAA CREF Investment Management LLC now owns 465,810 shares of the bank’s stock worth $19,643,000 after purchasing an additional 84,086 shares during the period. Finally, MetLife Investment Advisors LLC bought a new position in Cathay General Bancorp during the fourth quarter worth $3,478,000. Institutional investors and hedge funds own 67.91% of the company’s stock.
WARNING: “Zacks Investment Research Downgrades Cathay General Bancorp (CATY) to Hold” was published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece on another site, it was stolen and republished in violation of United States & international trademark & copyright legislation. The correct version of this piece can be accessed at https://www.dispatchtribunal.com/2018/04/23/zacks-investment-research-downgrades-cathay-general-bancorp-caty-to-hold.html.
Cathay General Bancorp Company Profile
Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.
Get a free copy of the Zacks research report on Cathay General Bancorp (CATY)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.