Cathay General Bancorp (CATY) Receives Buy Rating from BMO Capital Markets
BMO Capital Markets reaffirmed their buy rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research note released on Thursday. BMO Capital Markets currently has a $44.00 price objective on the bank’s stock.
A number of other research firms have also weighed in on CATY. BidaskClub raised shares of Cathay General Bancorp from a sell rating to a hold rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $37.00 target price on shares of Cathay General Bancorp in a report on Tuesday, July 25th. Zacks Investment Research raised shares of Cathay General Bancorp from a hold rating to a strong-buy rating and set a $44.00 target price on the stock in a report on Friday, July 21st. Piper Jaffray Companies reaffirmed a buy rating and set a $42.00 target price on shares of Cathay General Bancorp in a report on Wednesday, July 12th. Finally, Royal Bank Of Canada upped their target price on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the stock an outperform rating in a report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $40.86.
Cathay General Bancorp (CATY) traded up 0.17% during mid-day trading on Thursday, hitting $40.68. 234,434 shares of the company traded hands. The firm has a market capitalization of $3.29 billion, a P/E ratio of 16.74 and a beta of 1.31. The firm has a 50 day moving average of $36.91 and a 200 day moving average of $37.33. Cathay General Bancorp has a one year low of $28.84 and a one year high of $41.11.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. During the same quarter in the prior year, the firm posted $0.44 EPS. Equities research analysts expect that Cathay General Bancorp will post $2.45 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, September 1st were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Wednesday, August 30th. Cathay General Bancorp’s payout ratio is 34.57%.
Several large investors have recently modified their holdings of CATY. BlackRock Inc. increased its holdings in shares of Cathay General Bancorp by 17,138.1% in the 1st quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock worth $299,791,000 after buying an additional 7,910,084 shares during the last quarter. Balyasny Asset Management LLC increased its holdings in shares of Cathay General Bancorp by 4,688.9% in the 2nd 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 during the last quarter. Koch Industries Inc. increased its holdings in shares of Cathay General Bancorp by 6,239.0% in the 2nd quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock worth $402,000 after buying an additional 406,471 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Cathay General Bancorp by 11.9% in the 2nd 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 during the last quarter. Finally, State Street Corp increased its holdings in shares of Cathay General Bancorp by 7.4% in the 1st quarter. State Street Corp now owns 3,583,537 shares of the bank’s stock worth $135,026,000 after buying an additional 247,885 shares during the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.
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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