Cathay General Bancorp (CATY) Given Consensus Recommendation of “Hold” by Analysts
Cathay General Bancorp (NASDAQ:CATY) has been given an average rating of “Hold” by the ten brokerages that are currently covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $44.50.
A number of analysts have recently weighed in on the stock. ValuEngine lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Piper Jaffray Companies reiterated a “buy” rating and issued a $51.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Friday, January 5th. Sandler O’Neill reiterated a “hold” rating and issued a $45.00 price objective on shares of Cathay General Bancorp in a research note on Thursday, January 4th. Finally, BidaskClub lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, December 29th.
Shares of Cathay General Bancorp (CATY) traded up $0.38 during trading on Monday, reaching $44.70. 286,000 shares of the company’s stock were exchanged, compared to its average volume of 347,189. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a twelve month low of $34.00 and a twelve month high of $45.54. The firm has a market cap of $3,612.65, a price-to-earnings ratio of 18.17, a price-to-earnings-growth ratio of 1.95 and a beta of 1.35.
In other news, insider Dunson K. Cheng sold 50,000 shares of the stock in a transaction on Monday, December 11th. The shares were sold at an average price of $42.45, for a total value of $2,122,500.00. Following the sale, the insider now owns 119,591 shares in the company, valued at $5,076,637.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Irwin Wong sold 10,000 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total transaction of $431,000.00. The disclosure for this sale can be found here. Insiders sold 66,059 shares of company stock worth $2,807,978 in the last quarter. Company insiders own 5.76% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio grew its position in Cathay General Bancorp by 45.9% during the third quarter. Public Employees Retirement System of Ohio now owns 81,672 shares of the bank’s stock valued at $3,283,000 after buying an additional 25,705 shares during the period. GSA Capital Partners LLP acquired a new stake in Cathay General Bancorp during the third quarter valued at $585,000. Amussen Hunsaker Associates LLC acquired a new stake in Cathay General Bancorp during the third quarter valued at $1,246,000. California Public Employees Retirement System grew its position in Cathay General Bancorp by 4.6% during the third quarter. California Public Employees Retirement System now owns 179,356 shares of the bank’s stock valued at $7,210,000 after buying an additional 7,956 shares during the period. Finally, Narus Financial Partners LLC acquired a new stake in Cathay General Bancorp during the third quarter valued at $207,000. Institutional investors own 67.47% of the company’s stock.
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); 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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