Cathay General Bancorp (CATY) Rating Reiterated by BMO Capital Markets

BMO Capital Markets reissued their hold rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research report report published on Wednesday. The brokerage currently has a $46.00 price objective on the bank’s stock.

CATY has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 price target for the company in a research report on Monday, October 30th. Piper Jaffray Companies reiterated a buy rating and issued a $43.00 price target on shares of Cathay General Bancorp in a research report on Friday, October 6th. Finally, Royal Bank of Canada upped their price target on shares of Cathay General Bancorp from $43.00 to $45.00 and gave the stock an outperform rating in a research report on Thursday, October 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $43.29.

Shares of Cathay General Bancorp (CATY) opened at $43.26 on Wednesday. Cathay General Bancorp has a twelve month low of $34.00 and a twelve month high of $45.54. The company has a market cap of $3,470.00, a P/E ratio of 17.59, a price-to-earnings-growth ratio of 2.19 and a beta of 1.34. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $135.27 million. During the same period in the prior year, the company earned $0.58 earnings per share. The firm’s revenue was up 29.8% on a year-over-year basis. equities research analysts predict that Cathay General Bancorp will post 2.49 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, December 1st were given 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 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Thursday, November 30th. Cathay General Bancorp’s dividend payout ratio is presently 39.02%.

In other Cathay General Bancorp news, insider Dunson K. Cheng sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $42.45, for a total value of $2,122,500.00. Following the completion of the transaction, the insider now directly owns 119,591 shares in the company, valued at $5,076,637.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Irwin Wong sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total transaction of $431,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,059 shares of company stock valued at $2,807,978. Company insiders own 5.76% of the company’s stock.

Several large investors have recently modified their holdings of CATY. Russell Investments Group Ltd. boosted its position in shares of Cathay General Bancorp by 96.4% during the second quarter. Russell Investments Group Ltd. now owns 40,206 shares of the bank’s stock worth $1,526,000 after acquiring an additional 19,738 shares during the last quarter. Great West Life Assurance Co. Can lifted its position in Cathay General Bancorp by 0.8% during the second quarter. Great West Life Assurance Co. Can now owns 44,923 shares of the bank’s stock valued at $1,704,000 after purchasing an additional 346 shares during the last quarter. Sei Investments Co. lifted its position in Cathay General Bancorp by 13.4% during the second quarter. Sei Investments Co. now owns 74,618 shares of the bank’s stock valued at $2,831,000 after purchasing an additional 8,812 shares during the last quarter. Arizona State Retirement System lifted its position in Cathay General Bancorp by 1.6% during the second quarter. Arizona State Retirement System now owns 31,600 shares of the bank’s stock valued at $1,199,000 after purchasing an additional 500 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Cathay General Bancorp by 26.4% during the second quarter. First Trust Advisors LP now owns 224,344 shares of the bank’s stock valued at $8,514,000 after purchasing an additional 46,915 shares during the last quarter. Hedge funds and other institutional investors 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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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