BidaskClub Lowers Cathay General Bancorp (CATY) to Strong Sell

Cathay General Bancorp (NASDAQ:CATY) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday.

CATY has been the topic of several other reports. Zacks Investment Research downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Keefe, Bruyette & Woods set a $37.00 price target on Cathay General Bancorp and gave the company a “hold” rating in a research report on Monday, May 22nd. Wedbush reaffirmed a “neutral” rating and issued a $39.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. Royal Bank Of Canada raised their price target on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $42.00 price target on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $41.00.

Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 35.31 on Friday. The stock has a 50 day moving average price of $37.51 and a 200 day moving average price of $37.78. The stock has a market cap of $2.82 billion, a P/E ratio of 14.53 and a beta of 1.27. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $123.50 million for the quarter, compared to the consensus estimate of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same period last year, the business posted $0.44 earnings per share. Equities analysts anticipate that Cathay General Bancorp will post $2.44 EPS for the current fiscal year.

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In related news, Vice Chairman Anthony M. Tang sold 50,000 shares of Cathay General Bancorp stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $38.01, for a total transaction of $1,900,500.00. Following the sale, the insider now directly owns 301,400 shares of the company’s stock, valued at $11,456,214. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 5.76% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in CATY. Alps Advisors Inc. increased its stake in Cathay General Bancorp by 0.3% in the second quarter. Alps Advisors Inc. now owns 12,271 shares of the bank’s stock worth $466,000 after buying an additional 31 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Cathay General Bancorp by 0.4% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 14,626 shares of the bank’s stock worth $555,000 after buying an additional 52 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its stake in Cathay General Bancorp by 0.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,343 shares of the bank’s stock worth $734,000 after buying an additional 100 shares during the period. Teacher Retirement System of Texas increased its stake in Cathay General Bancorp by 1.7% in the second quarter. Teacher Retirement System of Texas now owns 6,069 shares of the bank’s stock worth $230,000 after buying an additional 101 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Cathay General Bancorp by 0.9% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 12,898 shares of the bank’s stock worth $486,000 after buying an additional 118 shares during the period. 67.31% 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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