Piper Jaffray Companies Reaffirms “Buy” Rating for Cathay General Bancorp (CATY)

Piper Jaffray Companies reiterated their buy rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research report released on Tuesday morning. They currently have a $51.00 target price on the bank’s stock.

A number of other equities analysts also recently commented on CATY. Zacks Investment Research upgraded Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 target price for the company in a report on Friday, January 5th. BidaskClub downgraded Cathay General Bancorp from a buy rating to a hold rating in a report on Friday, December 29th. Sandler O’Neill restated a hold rating and set a $45.00 target price on shares of Cathay General Bancorp in a report on Thursday, January 4th. Keefe, Bruyette & Woods restated a hold rating and set a $44.00 target price on shares of Cathay General Bancorp in a report on Friday, December 22nd. Finally, BMO Capital Markets restated a hold rating and set a $46.00 target price on shares of Cathay General Bancorp in a report on Wednesday, December 20th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Cathay General Bancorp has an average rating of Hold and a consensus target price of $44.50.

Shares of Cathay General Bancorp (NASDAQ CATY) traded up $0.52 during mid-day trading on Tuesday, reaching $43.51. The company’s stock had a trading volume of 225,513 shares, compared to its average volume of 362,700. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. Cathay General Bancorp has a 12-month low of $34.00 and a 12-month high of $45.54. The company has a market capitalization of $3,440.51, a P/E ratio of 17.69, a P/E/G ratio of 1.92 and a beta of 1.35.

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

The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Investors of record on Friday, December 1st were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Thursday, November 30th. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.21. Cathay General Bancorp’s dividend payout ratio is currently 39.02%.

In other Cathay General Bancorp news, insider Dunson K. Cheng sold 50,000 shares of the stock in a transaction on Monday, December 11th. The stock was 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 owns 119,591 shares in the company, valued at $5,076,637.95. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Irwin Wong sold 6,059 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $42.00, for a total value of $254,478.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,059 shares of company stock valued at $2,807,978. 5.76% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Los Angeles Capital Management & Equity Research Inc. raised its holdings 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 purchasing an additional 100 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in Cathay General Bancorp by 0.6% in the second quarter. Pinebridge Investments L.P. now owns 40,055 shares of the bank’s stock worth $1,521,000 after purchasing an additional 244 shares in the last quarter. Amalgamated Bank raised its holdings in Cathay General Bancorp by 2.4% in the second quarter. Amalgamated Bank now owns 10,680 shares of the bank’s stock worth $405,000 after purchasing an additional 250 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after purchasing an additional 252 shares in the last quarter. Finally, 1st Global Advisors Inc. raised its holdings in Cathay General Bancorp by 3.1% in the second quarter. 1st Global Advisors Inc. now owns 12,757 shares of the bank’s stock worth $484,000 after purchasing an additional 379 shares in the last quarter. Institutional investors and hedge funds own 67.47% of the company’s stock.

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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.

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