Cathay General Bancorp (NASDAQ:CATY) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday.

Separately, ValuEngine downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Sunday, October 14th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $47.64.

NASDAQ CATY opened at $37.57 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 1.40 and a beta of 1.25. Cathay General Bancorp has a 1-year low of $35.73 and a 1-year high of $45.59.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, October 17th. The bank reported $0.85 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.85. The company had revenue of $152.92 million for the quarter, compared to the consensus estimate of $153.90 million. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. During the same period in the previous year, the business earned $0.61 earnings per share. On average, sell-side analysts predict that Cathay General Bancorp will post 3.35 EPS for the current year.

Cathay General Bancorp declared that its Board of Directors has approved a stock repurchase program on Friday, October 26th that allows the company to repurchase $45.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other news, insider Dunson K. Cheng sold 31,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $38.69, for a total value of $1,199,390.00. Following the transaction, the insider now directly owns 30,828 shares of the company’s stock, valued at approximately $1,192,735.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.90% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Arizona State Retirement System boosted its holdings in shares of Cathay General Bancorp by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 53,019 shares of the bank’s stock worth $2,147,000 after acquiring an additional 1,437 shares in the last quarter. LSV Asset Management boosted its stake in Cathay General Bancorp by 198.0% in the 2nd quarter. LSV Asset Management now owns 1,132,346 shares of the bank’s stock worth $45,848,000 after purchasing an additional 752,346 shares during the period. GAM Holding AG boosted its stake in Cathay General Bancorp by 18.2% in the 2nd quarter. GAM Holding AG now owns 29,205 shares of the bank’s stock worth $1,182,000 after purchasing an additional 4,501 shares during the period. Kaizen Advisory LLC acquired a new position in Cathay General Bancorp in the 3rd quarter worth $996,000. Finally, BlackRock Inc. boosted its stake in shares of Cathay General Bancorp by 5.8% during the 2nd quarter. BlackRock Inc. now owns 9,807,758 shares of the bank’s stock worth $397,115,000 after buying an additional 538,766 shares during the last quarter. 71.92% of the stock is currently owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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