BidaskClub Lowers Cathay General Bancorp (CATY) to Strong Sell
Cathay General Bancorp (NASDAQ:CATY) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Saturday.
A number of other brokerages have also issued reports on CATY. Zacks Investment Research lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, April 24th. Keefe, Bruyette & Woods restated a “hold” rating and set a $37.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. Piper Jaffray Companies restated a “buy” rating and set a $42.00 target price on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. Royal Bank Of Canada increased their target price on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, July 20th. Finally, Wedbush restated a “neutral” rating and set a $39.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $41.00.
Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 35.31 on Friday. The company’s 50-day moving average price is $37.51 and its 200-day moving average price is $37.78. The firm has a market capitalization of $2.82 billion, a P/E ratio of 14.53 and a beta of 1.27. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $40.83.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. The firm had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. During the same quarter in the prior year, the business posted $0.44 EPS. On average, equities research analysts expect that Cathay General Bancorp will post $2.44 EPS for the current fiscal year.
In related news, Vice Chairman Anthony M. Tang sold 50,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $38.01, for a total transaction of $1,900,500.00. Following the sale, the insider now owns 301,400 shares in the company, valued at approximately $11,456,214. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.76% of the company’s stock.
Several hedge funds have recently bought and sold shares of CATY. BlackRock Inc. raised its stake in Cathay General Bancorp by 17,138.1% in the first quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock valued at $299,791,000 after buying an additional 7,910,084 shares in the last quarter. Prudential Financial Inc. raised its stake in Cathay General Bancorp by 60.1% in the first quarter. Prudential Financial Inc. now owns 963,409 shares of the bank’s stock valued at $36,301,000 after buying an additional 361,550 shares in the last quarter. Northern Trust Corp raised its stake in Cathay General Bancorp by 11.9% in the second 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 in the last quarter. State Street Corp raised its stake in Cathay General Bancorp by 7.4% in the first quarter. State Street Corp now owns 3,583,537 shares of the bank’s stock valued at $135,026,000 after buying an additional 247,885 shares in the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in Cathay General Bancorp by 1,615.0% in the second quarter. Thrivent Financial For Lutherans now owns 242,330 shares of the bank’s stock valued at $9,196,000 after buying an additional 228,200 shares in the last quarter. Institutional investors and hedge funds own 67.31% of the company’s stock.
About Cathay General Bancorp
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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