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.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The business had revenue of $146.20 million for the quarter, compared to analyst estimates of $135.27 million. During the same quarter in the prior year, the business posted $0.58 EPS. Cathay General Bancorp’s revenue for the quarter was up 29.8% compared to the same quarter last year. equities research analysts anticipate that Cathay General Bancorp will post 2.49 EPS for the current fiscal year.

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.

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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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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