Cathay General Bancorp (CATY) Earns “Buy” Rating from Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their buy rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research report sent to investors on Tuesday. They currently have a $51.00 price target on the bank’s stock.
Other equities analysts have also recently issued research reports about the company. BidaskClub cut Cathay General Bancorp from a buy rating to a hold rating in a research report on Friday, December 29th. Royal Bank of Canada boosted their target price on Cathay General Bancorp from $43.00 to $45.00 and gave the stock an outperform rating in a research report on Thursday, October 26th. Zacks Investment Research upgraded Cathay General Bancorp from a hold rating to a buy rating and set a $46.00 target price on the stock in a research report on Wednesday, October 11th. Keefe, Bruyette & Woods reiterated a hold rating and set a $44.00 target price on shares of Cathay General Bancorp in a research report on Friday, December 22nd. Finally, Sandler O’Neill reiterated a hold rating and set a $45.00 target price on shares of Cathay General Bancorp in a research report on Thursday, January 4th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Cathay General Bancorp has a consensus rating of Hold and an average target price of $44.50.
Cathay General Bancorp (NASDAQ CATY) traded up $0.38 during midday trading on Tuesday, reaching $44.70. The company’s stock had a trading volume of 286,077 shares, compared to its average volume of 347,189. 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 52 week low of $34.00 and a 52 week high of $45.54. The firm has a market cap of $3,580.00, a PE ratio of 18.17, a price-to-earnings-growth ratio of 1.92 and a beta of 1.35.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The company had revenue of $146.20 million for the quarter, compared to analysts’ expectations of $135.27 million. During the same quarter in the previous year, the firm posted $0.58 EPS. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. research analysts predict that Cathay General Bancorp will post 2.49 earnings per share for the current year.
In related news, COO Irwin Wong sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total value of $431,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dunson K. Cheng sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $42.45, for a total value of $2,122,500.00. Following the completion of the sale, the insider now directly owns 119,591 shares in the company, valued at approximately $5,076,637.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,059 shares of company stock worth $2,807,978. 5.76% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of CATY. Legal & General Group Plc lifted its stake in Cathay General Bancorp by 24.9% in the 2nd quarter. Legal & General Group Plc now owns 59,224 shares of the bank’s stock valued at $2,248,000 after buying an additional 11,814 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cathay General Bancorp by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after buying an additional 252 shares in the last quarter. Swiss National Bank lifted its stake in Cathay General Bancorp by 2.2% in the 2nd quarter. Swiss National Bank now owns 126,000 shares of the bank’s stock valued at $4,782,000 after buying an additional 2,700 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Cathay General Bancorp by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 676,514 shares of the bank’s stock valued at $25,674,000 after buying an additional 25,728 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. lifted its stake in Cathay General Bancorp by 0.5% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,343 shares of the bank’s stock valued at $734,000 after buying an additional 100 shares in the last quarter. 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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