Cathay General Bancorp (CATY) Earns Hold Rating from Sandler O’Neill
CATY has been the topic of several other reports. BMO Capital Markets boosted their price objective on shares of Cathay General Bancorp from $44.00 to $45.00 and gave the company an outperform rating in a report on Friday, November 3rd. Zacks Investment Research upgraded shares of Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 price objective on the stock in a report on Monday, October 30th. Keefe, Bruyette & Woods restated a hold rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a report on Friday, December 22nd. Finally, Piper Jaffray Companies restated a buy rating and issued a $43.00 price objective on shares of Cathay General Bancorp in a report on Friday, October 6th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $43.50.
Shares of Cathay General Bancorp (NASDAQ CATY) traded up $0.45 on Thursday, reaching $42.57. 237,700 shares of the company traded hands, compared to its average volume of 394,375. The stock has a market cap of $3,440.51, a price-to-earnings ratio of 17.30, a P/E/G ratio of 1.92 and a beta of 1.35. Cathay General Bancorp has a 12-month low of $34.00 and a 12-month high of $45.54. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $146.20 million for the quarter, compared to analyst estimates of $135.27 million. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. Cathay General Bancorp’s revenue was up 29.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.58 EPS. research analysts anticipate that Cathay General Bancorp will post 2.49 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, December 1st were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, November 30th. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.21. This represents a $0.96 dividend on an annualized basis and a yield of 2.26%. Cathay General Bancorp’s dividend payout ratio is 39.02%.
In other Cathay General Bancorp news, insider Dunson K. Cheng sold 50,000 shares of the business’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the sale, the insider now directly owns 119,591 shares in the company, valued at $5,076,637.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Irwin Wong sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total transaction of $431,000.00. The disclosure for this sale can be found here. Insiders have sold 66,059 shares of company stock worth $2,807,978 over the last quarter. Insiders own 5.76% of the company’s stock.
A number of large investors have recently modified their holdings of CATY. Balyasny Asset Management LLC grew its position in shares of Cathay General Bancorp by 4,688.9% during the second quarter. Balyasny Asset Management LLC now owns 732,706 shares of the bank’s stock worth $27,806,000 after buying an additional 717,406 shares in the last quarter. BlackRock Inc. grew its position in shares of Cathay General Bancorp by 7.0% during the second quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock worth $322,995,000 after buying an additional 554,856 shares in the last quarter. Citadel Advisors LLC acquired a new position in shares of Cathay General Bancorp during the third quarter worth about $17,058,000. Koch Industries Inc. grew its position in shares of Cathay General Bancorp by 6,239.0% during the second quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock worth $402,000 after buying an additional 406,471 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Cathay General Bancorp by 11.9% during the second quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock worth $92,992,000 after buying an additional 261,148 shares in the last quarter. Institutional investors own 67.47% of the company’s stock.
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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