Cathay General Bancorp (NASDAQ:CATY)‘s stock had its “hold” rating reissued by research analysts at Sandler O’Neill in a report issued on Thursday. They currently have a $45.00 price objective on the bank’s stock. Sandler O’Neill’s price target indicates a potential upside of 5.71% from the stock’s previous close.
CATY has been the topic of a number of other reports. BMO Capital Markets raised their target price on Cathay General Bancorp from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Monday, October 30th. Keefe, Bruyette & Woods restated a “hold” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research report on Friday, December 22nd. Finally, Piper Jaffray Companies restated a “buy” rating and set a $43.00 target price on shares of Cathay General Bancorp in a research report on Friday, October 6th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $43.50.
Shares of Cathay General Bancorp (NASDAQ CATY) opened at $42.57 on Thursday. Cathay General Bancorp has a 12-month low of $34.00 and a 12-month high of $45.54. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $3,420.30, a PE ratio of 17.30, a PEG ratio of 1.95 and a beta of 1.35.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The firm had revenue of $146.20 million for the quarter, compared to analysts’ expectations of $135.27 million. During the same period last year, the firm earned $0.58 EPS. The company’s quarterly revenue was up 29.8% on a year-over-year basis. analysts predict that Cathay General Bancorp will post 2.49 earnings per share for the current fiscal year.
In related news, COO Irwin Wong sold 6,059 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $42.00, for a total value of $254,478.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Dunson K. Cheng sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the completion of the transaction, the insider now directly owns 119,591 shares in the company, valued at $5,076,637.95. The disclosure for this sale can be found here. Insiders sold a total of 66,059 shares of company stock worth $2,807,978 over the last ninety days. 5.76% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in Cathay General Bancorp by 7.0% in the 2nd quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock valued at $322,995,000 after buying an additional 554,856 shares in the last quarter. State Street Corp lifted its stake in Cathay General Bancorp by 6.3% in the 2nd quarter. State Street Corp now owns 3,810,885 shares of the bank’s stock worth $144,623,000 after purchasing an additional 227,348 shares in the last quarter. Northern Trust Corp lifted its stake in Cathay General Bancorp by 11.9% in the 2nd quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock worth $92,992,000 after purchasing an additional 261,148 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Cathay General Bancorp by 0.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,469,247 shares of the bank’s stock worth $59,065,000 after purchasing an additional 7,251 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in Cathay General Bancorp by 4.6% in the 3rd quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock worth $49,860,000 after purchasing an additional 54,780 shares in the last quarter. 67.47% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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