Cathay General Bancorp (CATY) Receives Hold Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their hold rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a report released on Friday. Keefe, Bruyette & Woods currently has a $44.00 price objective on the bank’s stock.

CATY has been the topic of several other reports. Royal Bank of Canada lifted their price target on shares of Cathay General Bancorp from $43.00 to $45.00 and gave the company an outperform rating in a research note on Thursday, October 26th. BMO Capital Markets reiterated a hold rating and issued a $46.00 price target on shares of Cathay General Bancorp in a research note on Wednesday. Piper Jaffray Companies reiterated a buy rating and issued a $43.00 price target on shares of Cathay General Bancorp in a research note on Friday, September 1st. Finally, Zacks Investment Research upgraded shares of Cathay General Bancorp from a hold rating to a buy rating and set a $41.00 price target on the stock in a research note on Monday, September 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $43.29.

Shares of Cathay General Bancorp (NASDAQ CATY) traded down $0.37 during trading hours on Friday, hitting $43.26. 196,778 shares of the company were exchanged, compared to its average volume of 464,265. Cathay General Bancorp has a fifty-two week low of $34.00 and a fifty-two week high of $45.54. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $3,526.18, a price-to-earnings ratio of 17.59, a price-to-earnings-growth ratio of 2.19 and a beta of 1.34.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The business had revenue of $146.20 million for the quarter, compared to analyst estimates of $135.27 million. During the same period last year, the business posted $0.58 earnings per share. The firm’s quarterly revenue was up 29.8% on a year-over-year basis. equities analysts predict that Cathay General Bancorp will post 2.49 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, December 1st were paid a $0.24 dividend. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.21. This represents a $0.96 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Thursday, November 30th. Cathay General Bancorp’s payout ratio is presently 39.02%.

In other news, COO Irwin Wong sold 6,059 shares of Cathay General Bancorp stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $42.00, for a total value of $254,478.00. The sale was disclosed in a filing 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 dated Monday, December 11th. The shares were sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the completion of the transaction, the insider now directly 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. Insiders sold a total of 66,059 shares of company stock worth $2,807,978 over the last quarter. Company insiders own 5.76% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cathay General Bancorp by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after acquiring an additional 252 shares during the period. Flinton Capital Management LLC boosted its holdings in shares of Cathay General Bancorp by 65.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after buying an additional 1,424 shares during the period. Riverhead Capital Management LLC boosted its holdings in shares of Cathay General Bancorp by 63.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock worth $149,000 after buying an additional 1,524 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of Cathay General Bancorp during the 3rd quarter worth about $206,000. Finally, Narus Financial Partners LLC bought a new stake in shares of Cathay General Bancorp during the 3rd quarter worth about $207,000. 67.47% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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