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 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 research analysts also recently commented on CATY. BidaskClub downgraded Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 target price on shares of Cathay General Bancorp in a report on Friday, October 6th. SunTrust Banks, Inc. assumed coverage on Cathay General Bancorp in a report on Friday, August 18th. They set a “hold” rating and a $39.00 target price for the company. BMO Capital Markets reaffirmed a “buy” rating and set a $44.00 target price on shares of Cathay General Bancorp in a report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $37.00 target price on shares of Cathay General Bancorp in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. Cathay General Bancorp has an average rating of “Hold” and an average target price of $41.57.
Cathay General Bancorp (CATY) traded down 0.83% during mid-day trading on Thursday, reaching $40.44. The company had a trading volume of 159,218 shares. The firm has a market capitalization of $3.27 billion, a P/E ratio of 16.64 and a beta of 1.31. The stock’s 50-day moving average is $37.56 and its 200 day moving average is $37.44. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $41.11.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, beating the consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. The business had revenue of $123.50 million during the quarter, compared to the consensus estimate of $129.10 million. During the same period in the prior year, the business posted $0.44 earnings per share. On average, analysts predict that Cathay General Bancorp will post $2.45 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cathay General Bancorp by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after buying an additional 252 shares during the period. Flinton Capital Management LLC raised its position in Cathay General Bancorp by 65.9% during the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after buying an additional 1,424 shares during the period. Riverhead Capital Management LLC raised its position in Cathay General Bancorp by 63.5% during the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after buying an additional 1,524 shares during the period. Oakbrook Investments LLC acquired a new position in Cathay General Bancorp during the second quarter valued at $211,000. Finally, Shelton Capital Management acquired a new position in Cathay General Bancorp during the second quarter valued at $215,000. 67.78% of the stock is currently 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); 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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