Cathay General Bancorp (CATY) Downgraded 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 research report issued on Wednesday.
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 research analysts have also commented on the company. BidaskClub lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Royal Bank Of Canada increased their price objective on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. Piper Jaffray Companies reiterated a “buy” rating and issued a $43.00 price objective on shares of Cathay General Bancorp in a research report on Friday, September 1st. BMO Capital Markets reiterated a “buy” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research report on Thursday, October 5th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $37.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Cathay General Bancorp has a consensus rating of “Hold” and an average target price of $42.00.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $146.20 million for the quarter, compared to analyst estimates of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The business’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same period last year, the company earned $0.58 EPS.
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Several large investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Cathay General Bancorp by 17,138.1% during the 1st quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock worth $299,791,000 after buying an additional 7,910,084 shares during the period. Norges Bank acquired a new stake in Cathay General Bancorp during the 4th quarter worth $37,027,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in Cathay General Bancorp by 5,014.7% during the 4th quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 739,944 shares of the bank’s stock worth $740,000 after buying an additional 725,477 shares during the period. Balyasny Asset Management LLC raised its stake in Cathay General Bancorp by 4,688.9% during the 2nd quarter. Balyasny Asset Management LLC now owns 732,706 shares of the bank’s stock worth $27,806,000 after buying an additional 717,406 shares during the period. Finally, Teachers Advisors LLC raised its stake in Cathay General Bancorp by 438.5% during the 3rd quarter. Teachers Advisors LLC now owns 644,138 shares of the bank’s stock worth $19,827,000 after buying an additional 524,526 shares during the period. Institutional investors and hedge funds own 68.05% 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); 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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