Cathay General Bancorp (CATY) Rating 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 report issued 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. “
Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods raised their price target on Cathay General Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a research note on Monday, July 11th. BMO Capital Markets restated an “outperform” rating and issued a $32.00 price target (down from $33.00) on shares of Cathay General Bancorp in a research note on Wednesday, July 6th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $33.00.
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Shares of Cathay General Bancorp (NASDAQ:CATY) traded down 0.23% during mid-day trading on Tuesday, hitting $30.64. The stock had a trading volume of 234,639 shares. The firm has a 50 day moving average price of $30.79 and a 200 day moving average price of $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 posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.44. Cathay General Bancorp had a return on equity of 9.23% and a net margin of 31.20%. During the same period in the previous year, the firm earned $0.56 EPS. Equities analysts predict that Cathay General Bancorp will post $2.19 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Thursday, September 1st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Tuesday, August 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 36.18%.
In other news, Vice Chairman Peter Wu sold 30,000 shares of Cathay General Bancorp stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $31.30, for a total transaction of $939,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 6.36% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $37,027,000. Vanguard Group Inc. boosted its position in shares of Cathay General Bancorp by 6.1% in the second quarter. Vanguard Group Inc. now owns 6,238,462 shares of the company’s stock valued at $175,925,000 after buying an additional 356,209 shares during the period. GW&K Investment Management LLC boosted its position in shares of Cathay General Bancorp by 23.7% in the second quarter. GW&K Investment Management LLC now owns 1,299,255 shares of the company’s stock valued at $36,639,000 after buying an additional 249,153 shares during the period. Panagora Asset Management Inc. boosted its position in shares of Cathay General Bancorp by 91.1% in the first quarter. Panagora Asset Management Inc. now owns 436,528 shares of the company’s stock valued at $12,367,000 after buying an additional 208,069 shares during the period. Finally, Opus Capital Group LLC bought a new position in shares of Cathay General Bancorp during the second quarter valued at about $4,589,000. Institutional investors and hedge funds own 66.29% of the company’s stock.
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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