Cathay General Bancorp (CATY) Receives Average Rating of “Hold” from Brokerages

Shares of Cathay General Bancorp (NASDAQ:CATY) have been assigned a consensus rating of “Hold” from the eleven brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $45.94.

Several brokerages have commented on CATY. Zacks Investment Research lowered Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 20th. ValuEngine lowered Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. DA Davidson dropped their price target on Cathay General Bancorp to $43.50 and set a “neutral” rating for the company in a research note on Thursday, April 19th. Wedbush upgraded Cathay General Bancorp from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $47.00 to $49.00 in a research note on Wednesday, May 2nd. Finally, BidaskClub lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, March 27th.

In other Cathay General Bancorp news, insider Dunson K. Cheng sold 23,333 shares of the company’s stock in a transaction dated Monday, May 7th. The stock was sold at an average price of $41.20, for a total transaction of $961,319.60. Following the completion of the sale, the insider now directly owns 75,161 shares in the company, valued at $3,096,633.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dunson K. Cheng sold 26,667 shares of the company’s stock in a transaction dated Friday, April 27th. The stock was sold at an average price of $40.78, for a total value of $1,087,480.26. Following the sale, the insider now owns 97,124 shares of the company’s stock, valued at $3,960,716.72. The disclosure for this sale can be found here. Insiders have sold 66,409 shares of company stock valued at $2,735,587 over the last 90 days. 4.90% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of CATY. US Bancorp DE boosted its position in shares of Cathay General Bancorp by 641.8% in the fourth quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock worth $134,000 after buying an additional 2,747 shares during the period. IFP Advisors Inc boosted its position in shares of Cathay General Bancorp by 64.7% in the first quarter. IFP Advisors Inc now owns 4,548 shares of the bank’s stock worth $182,000 after buying an additional 1,786 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Cathay General Bancorp by 51.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock worth $194,000 after buying an additional 1,569 shares during the period. Zeke Capital Advisors LLC purchased a new stake in shares of Cathay General Bancorp in the fourth quarter worth about $223,000. Finally, Flinton Capital Management LLC boosted its position in shares of Cathay General Bancorp by 49.6% in the fourth quarter. Flinton Capital Management LLC now owns 5,408 shares of the bank’s stock worth $228,000 after buying an additional 1,792 shares during the period. 67.93% of the stock is owned by institutional investors.

Cathay General Bancorp stock traded down $0.07 during trading on Thursday, hitting $42.49. The company’s stock had a trading volume of 30,141 shares, compared to its average volume of 373,232. The firm has a market capitalization of $3.48 billion, a P/E ratio of 17.25, a PEG ratio of 1.64 and a beta of 1.40. Cathay General Bancorp has a 1-year low of $34.00 and a 1-year high of $45.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.27.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, April 18th. The bank reported $0.78 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.78. The firm had revenue of $140.65 million during the quarter, compared to analyst estimates of $141.83 million. Cathay General Bancorp had a return on equity of 11.02% and a net margin of 29.83%. During the same period in the prior year, the firm posted $0.61 earnings per share. equities analysts predict that Cathay General Bancorp will post 3.26 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, June 11th. Shareholders of record on Friday, June 1st were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, May 31st. This represents a $0.96 annualized dividend and a yield of 2.26%. Cathay General Bancorp’s dividend payout ratio is presently 39.02%.

About Cathay General Bancorp

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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