Cathay General Bancorp (NASDAQ:CATY) Given Hold Rating at Keefe, Bruyette & Woods
Keefe, Bruyette & Woods reiterated their hold rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research note issued to investors on Tuesday morning. They currently have a $37.00 target price on the bank’s stock.
Other equities analysts also recently issued research reports about the company. Zacks Investment Research raised Cathay General Bancorp from a hold rating to a buy rating and set a $43.00 price target for the company in a research report on Friday, April 21st. Piper Jaffray Companies reduced their price target on Cathay General Bancorp from $43.00 to $42.00 and set an overweight rating for the company in a research report on Monday, April 17th. BidaskClub raised Cathay General Bancorp from a sell rating to a hold rating in a research report on Tuesday, June 13th. Wedbush reaffirmed a neutral rating and set a $39.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. Finally, Royal Bank Of Canada increased their price objective on Cathay General Bancorp from $35.00 to $43.00 and gave the company an outperform rating in a report on Thursday, July 20th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $41.00.
Cathay General Bancorp (NASDAQ:CATY) traded down 0.61% during mid-day trading on Tuesday, reaching $37.55. 246,486 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $37.98 and a 200 day moving average price of $37.78. The company has a market cap of $3.00 billion, a PE ratio of 15.45 and a beta of 1.28. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $40.83.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. The firm had revenue of $123.50 million during the quarter, compared to the consensus estimate of $129.10 million. During the same quarter in the prior year, the firm posted $0.44 EPS. Equities analysts predict that Cathay General Bancorp will post $2.44 earnings per share for the current fiscal year.
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In other news, Vice Chairman Anthony M. Tang sold 50,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $38.01, for a total value of $1,900,500.00. Following the completion of the sale, the insider now owns 301,400 shares of the company’s stock, valued at approximately $11,456,214. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 5.76% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Adams Diversified Equity Fund Inc. increased its stake in Cathay General Bancorp by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 33,200 shares of the bank’s stock valued at $1,251,000 after buying an additional 900 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Cathay General Bancorp by 1.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 26,117 shares of the bank’s stock valued at $984,000 after buying an additional 400 shares during the last quarter. Hillcrest Asset Management LLC bought a new stake in Cathay General Bancorp during the first quarter valued at approximately $7,960,000. Russell Investments Group Ltd. increased its stake in Cathay General Bancorp by 239.6% in the first quarter. Russell Investments Group Ltd. now owns 20,468 shares of the bank’s stock valued at $771,000 after buying an additional 14,441 shares during the last quarter. Finally, Retirement Systems of Alabama increased its stake in Cathay General Bancorp by 0.9% in the first quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock valued at $3,641,000 after buying an additional 862 shares during the last quarter. 68.08% of the stock is owned by institutional investors.
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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