Zacks Investment Research Lowers Cathay General Bancorp (CATY) to Hold
Zacks Investment Research cut shares of Cathay General Bancorp (NASDAQ:CATY) from a buy rating to a hold rating in a research report released on Thursday morning.
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. “
Several other research firms have also commented on CATY. Keefe, Bruyette & Woods reissued a hold rating and set a $37.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, July 25th. BidaskClub lowered shares of Cathay General Bancorp from a hold rating to a sell rating in a research note on Sunday, July 16th. Piper Jaffray Companies reissued a buy rating and set a $42.00 price objective on shares of Cathay General Bancorp in a research note on Wednesday, July 12th. Royal Bank Of Canada boosted their price objective on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the stock an outperform rating in a research note on Thursday, July 20th. Finally, Wedbush reissued a neutral rating and set a $39.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $41.57.
Shares of Cathay General Bancorp (NASDAQ:CATY) traded down 0.40% during trading on Thursday, hitting $40.28. 332,223 shares of the stock traded hands. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 16.58 and a beta of 1.31. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $41.11. The company has a 50 day moving average price of $37.91 and a 200 day moving average price of $37.49.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The firm 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 previous year, the firm posted $0.44 EPS. Analysts anticipate that Cathay General Bancorp will post $2.45 earnings per share for the current fiscal year.
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A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Cathay General Bancorp by 17,138.1% in the first 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 raised its holdings in Cathay General Bancorp by 4,688.9% in 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 during the last quarter. Koch Industries Inc. raised its holdings in 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. Northern Trust Corp raised its holdings in Cathay General Bancorp by 11.9% in 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 during the last quarter. Finally, State Street Corp raised its holdings in Cathay General Bancorp by 7.4% in the first 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 institutional investors and hedge funds.
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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