Cathay General Bancorp (CATY) Receives Average Rating of “Hold” from Analysts
Cathay General Bancorp (NASDAQ:CATY) has been given an average recommendation of “Hold” by the six research firms that are presently covering the stock. Four research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $32.50.
CATY has been the topic of several research reports. BMO Capital Markets restated an “outperform” rating and issued a $32.00 target price (down previously from $33.00) on shares of Cathay General Bancorp in a research report on Wednesday, July 6th. Zacks Investment Research cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 20th. Finally, Keefe, Bruyette & Woods increased their price target on Cathay General Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, July 11th.
In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 30,000 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.36% of the company’s stock.
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Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in 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 stake 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 worth $36,639,000 after buying an additional 249,153 shares during the last quarter. Panagora Asset Management Inc. boosted its stake 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 worth $12,367,000 after buying an additional 208,069 shares during the last quarter. Opus Capital Group LLC purchased a new stake in shares of Cathay General Bancorp during the second quarter worth $4,589,000. Finally, Boston Advisors LLC purchased a new stake in shares of Cathay General Bancorp during the second quarter worth $4,022,000. 66.26% of the stock is owned by institutional investors.
Shares of Cathay General Bancorp (NASDAQ:CATY) traded down 0.43% during midday trading on Monday, hitting $30.37. The company’s stock had a trading volume of 130,271 shares. Cathay General Bancorp has a 12-month low of $25.62 and a 12-month high of $34.69. The firm has a 50-day moving average of $30.93 and a 200 day moving average of $30.00. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 15.34 and a beta of 1.28.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, meeting the 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 prior year, the firm earned $0.56 EPS. On average, equities research analysts predict that Cathay General Bancorp will post $2.19 EPS for the current fiscal year.
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); 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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