Cathay General Bancorp (CATY) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a buy rating in a research note released on Friday. They currently have $47.00 target price on the bank’s stock.
According to Zacks, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei. “
A number of other research analysts have also recently commented on CATY. Sandler O’Neill reissued a hold rating and set a $45.00 target price on shares of Cathay General Bancorp in a research report on Thursday. BidaskClub cut shares of Cathay General Bancorp from a buy rating to a hold rating in a research report on Friday, December 29th. Keefe, Bruyette & Woods reissued a hold rating and set a $44.00 target price on shares of Cathay General Bancorp in a research report on Friday, December 22nd. BMO Capital Markets reissued a hold rating and set a $46.00 target price on shares of Cathay General Bancorp in a research report on Wednesday, December 20th. Finally, Piper Jaffray Companies reissued a buy rating and set a $43.00 target price on shares of Cathay General Bancorp in a research report on Friday, October 6th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Cathay General Bancorp currently has a consensus rating of Hold and an average price target of $43.50.
Cathay General Bancorp (NASDAQ:CATY) opened at $42.57 on Friday. The firm has a market cap of $3,404.14, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 1.90 and a beta of 1.35. 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 has a 12-month low of $34.00 and a 12-month high of $45.54.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $146.20 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 earnings per share. equities research analysts predict that Cathay General Bancorp will post 2.49 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, December 1st were given a dividend of $0.24 per share. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.21. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Thursday, November 30th. Cathay General Bancorp’s payout ratio is presently 39.02%.
In related news, COO Irwin Wong sold 10,000 shares of Cathay General Bancorp stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $43.10, for a total value of $431,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dunson K. Cheng sold 50,000 shares of Cathay General Bancorp stock in a transaction on Monday, December 11th. The stock was sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the completion of the sale, the insider now owns 119,591 shares of the company’s stock, valued at approximately $5,076,637.95. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,059 shares of company stock worth $2,807,978. Corporate insiders own 5.76% of the company’s stock.
Large investors have recently modified their holdings of the stock. OxFORD Asset Management LLP increased its stake in shares of Cathay General Bancorp by 84.2% in the second quarter. OxFORD Asset Management LLP now owns 10,957 shares of the bank’s stock worth $416,000 after buying an additional 5,009 shares during the last quarter. Koch Industries Inc. increased its stake in shares of Cathay General Bancorp by 6,239.0% in 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 during the last quarter. Laurion Capital Management LP bought a new stake in shares of Cathay General Bancorp in the second quarter worth $687,000. JPMorgan Chase & Co. increased its stake in shares of Cathay General Bancorp by 4.0% in the second quarter. JPMorgan Chase & Co. now owns 676,514 shares of the bank’s stock worth $25,674,000 after buying an additional 25,728 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of Cathay General Bancorp by 4.6% in the third quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock worth $49,860,000 after buying an additional 54,780 shares during the last quarter. Institutional investors and hedge funds own 67.47% of the company’s stock.
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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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