Cathay General Bancorp (CATY) Stock Rating Lowered by 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 released on Thursday.
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. “
Several other equities analysts also recently commented on CATY. BidaskClub downgraded shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. SunTrust Banks, Inc. began coverage on shares of Cathay General Bancorp in a report on Friday, August 18th. They issued a “hold” rating and a $39.00 price objective on the stock. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $37.00 price objective on shares of Cathay General Bancorp in a report on Tuesday, July 25th. Piper Jaffray Companies reissued a “buy” rating and issued a $43.00 target price on shares of Cathay General Bancorp in a research report on Friday, September 1st. Finally, Wedbush reissued a “neutral” rating and issued a $39.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $40.83.
Shares of Cathay General Bancorp (CATY) traded down 0.46% during mid-day trading on Thursday, reaching $36.49. 326,313 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $36.12 and its 200-day moving average is $37.37. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 15.02 and a beta of 1.29. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $40.83.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. The firm had revenue of $123.50 million for the quarter, compared to the consensus estimate of $129.10 million. During the same period in the previous year, the company earned $0.44 earnings per share. On average, equities analysts expect that Cathay General Bancorp will post $2.44 EPS for the current year.
Institutional investors have recently made changes to their positions in the company. Karp Capital Management Corp bought a new stake in shares of Cathay General Bancorp in the first quarter valued at about $526,000. Capital One National Association boosted its position in shares of Cathay General Bancorp by 0.7% in the fourth quarter. Capital One National Association now owns 36,386 shares of the bank’s stock valued at $1,140,000 after acquiring an additional 251 shares during the period. Prudential Financial Inc. boosted its position in shares of Cathay General Bancorp by 23.1% in the second quarter. Prudential Financial Inc. now owns 1,185,515 shares of the bank’s stock valued at $44,990,000 after acquiring an additional 222,106 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Cathay General Bancorp by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the bank’s stock valued at $712,000 after acquiring an additional 600 shares during the period. Finally, Retirement Systems of Alabama boosted its position in shares of Cathay General Bancorp by 0.9% in the first quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock valued at $3,641,000 after acquiring an additional 862 shares during the period. 67.80% of the stock is owned by 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); 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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