Cathay General Bancorp (CATY) Lowered to Hold at Zacks Investment Research
Cathay General Bancorp (NASDAQ:CATY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei. “
A number of other equities analysts have also commented on CATY. BMO Capital Markets reiterated an “outperform” rating and set a $32.00 price target (down previously from $33.00) on shares of Cathay General Bancorp in a report on Wednesday, July 6th. Keefe, Bruyette & Woods boosted their target price on shares of Cathay General Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, July 11th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $33.00.
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Cathay General Bancorp (NASDAQ:CATY) traded down 0.23% during trading on Tuesday, hitting $30.64. 234,639 shares of the stock were exchanged. The firm’s 50-day moving average is $30.79 and its 200 day moving average is $29.69. Cathay General Bancorp has a 52 week low of $25.62 and a 52 week high of $34.69. The firm has a market cap of $2.42 billion, a PE ratio of 15.47 and a beta of 1.31.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, hitting analysts’ consensus estimates of $0.44. Cathay General Bancorp had a net margin of 31.20% and a return on equity of 9.23%. During the same quarter last year, the firm earned $0.56 EPS. Analysts expect that Cathay General Bancorp will post $2.19 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Thursday, September 1st were issued a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.35%. Cathay General Bancorp’s payout ratio is 36.18%.
In related news, Vice Chairman Peter Wu sold 30,000 shares of the business’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $31.30, for a total value of $939,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.36% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of CATY. US Bancorp DE increased its stake in Cathay General Bancorp by 13.1% in the second quarter. US Bancorp DE now owns 4,074 shares of the company’s stock valued at $115,000 after buying an additional 473 shares during the period. BlackRock Japan Co. Ltd increased its stake in Cathay General Bancorp by 23.0% in the second quarter. BlackRock Japan Co. Ltd now owns 4,388 shares of the company’s stock valued at $124,000 after buying an additional 820 shares during the period. LS Investment Advisors LLC increased its stake in Cathay General Bancorp by 73.1% in the second quarter. LS Investment Advisors LLC now owns 4,415 shares of the company’s stock valued at $125,000 after buying an additional 1,864 shares during the period. Tower Research Capital LLC TRC bought a new stake in Cathay General Bancorp during the second quarter valued at $160,000. Finally, Capital Guardian Trust Co. increased its stake in Cathay General Bancorp by 43.9% in the second quarter. Capital Guardian Trust Co. now owns 5,837 shares of the company’s stock valued at $165,000 after buying an additional 1,782 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.
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); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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