Cathay General Bancorp (NASDAQ:CATY) has been given a consensus recommendation of “Hold” by the eleven analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $44.69.
A number of equities research analysts have recently weighed in on the stock. BidaskClub downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. ValuEngine upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. BMO Capital Markets raised their price target on shares of Cathay General Bancorp to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, January 31st. Piper Jaffray restated a “buy” rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. Finally, Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Friday, January 5th.
In related news, insider Dunson K. Cheng sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $41.92, for a total value of $838,400.00. Following the completion of the transaction, the insider now owns 97,124 shares in the company, valued at approximately $4,071,438.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Kim R. Bingham sold 3,800 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $44.71, for a total transaction of $169,898.00. Following the completion of the transaction, the executive vice president now owns 21,803 shares of the company’s stock, valued at approximately $974,812.13. The disclosure for this sale can be found here. In the last quarter, insiders sold 56,845 shares of company stock valued at $2,474,174. 5.76% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its holdings in Cathay General Bancorp by 641.8% in the 4th quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock valued at $134,000 after buying an additional 2,747 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in Cathay General Bancorp by 202.8% in the 4th quarter. Meeder Asset Management Inc. now owns 3,852 shares of the bank’s stock valued at $162,000 after buying an additional 2,580 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cathay General Bancorp by 51.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock valued at $194,000 after buying an additional 1,569 shares during the last quarter. Allianz Asset Management GmbH bought a new position in Cathay General Bancorp in the 3rd quarter valued at approximately $206,000. Finally, Zeke Capital Advisors LLC bought a new position in Cathay General Bancorp in the 4th quarter valued at approximately $223,000. Institutional investors and hedge funds own 67.75% of the company’s stock.
Cathay General Bancorp stock traded up $0.13 during trading hours on Wednesday, reaching $40.50. 388,243 shares of the stock were exchanged, compared to its average volume of 366,800. The company has a market capitalization of $3,285.65, a price-to-earnings ratio of 16.44, a PEG ratio of 1.57 and a beta of 1.38. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.27. Cathay General Bancorp has a twelve month low of $34.00 and a twelve month high of $45.59.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, April 18th. The bank reported $0.78 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.78. The firm had revenue of $140.65 million for the quarter, compared to the consensus estimate of $141.83 million. Cathay General Bancorp had a net margin of 29.83% and a return on equity of 11.02%. During the same period in the prior year, the company posted $0.61 earnings per share. sell-side analysts expect that Cathay General Bancorp will post 3.23 earnings per share for the current year.
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About Cathay General Bancorp
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.
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