Cathay General Bancorp (CATY) Downgraded by BMO Capital Markets

BMO Capital Markets downgraded shares of Cathay General Bancorp (NASDAQ:CATY) from an outperform rating to a market perform rating in a research report sent to investors on Thursday morning, MarketBeat reports. The firm currently has $45.00 target price on the bank’s stock.

Several other analysts have also issued reports on CATY. BidaskClub lowered shares of Cathay General Bancorp from a sell rating to a strong sell rating in a research note on Saturday, August 12th. SunTrust Banks began coverage on shares of Cathay General Bancorp in a research note on Friday, August 18th. They issued a hold rating and a $39.00 target price for the company. Zacks Investment Research lowered shares of Cathay General Bancorp from a buy rating to a hold rating in a research note on Wednesday, November 1st. Piper Jaffray Companies reiterated a buy rating and issued a $43.00 target price on shares of Cathay General Bancorp in a research note on Friday, October 6th. Finally, Royal Bank Of Canada upped their target price on shares of Cathay General Bancorp from $43.00 to $45.00 and gave the stock an outperform rating in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $42.14.

Shares of Cathay General Bancorp (NASDAQ CATY) opened at $43.54 on Thursday. Cathay General Bancorp has a one year low of $34.00 and a one year high of $45.54. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3,518.90, a price-to-earnings ratio of 17.49, a PEG ratio of 2.19 and a beta of 1.34.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $146.20 million during the quarter, compared to analyst estimates of $135.27 million. During the same quarter in the prior year, the business posted $0.58 EPS. The business’s revenue was up 29.8% compared to the same quarter last year. research analysts expect that Cathay General Bancorp will post 2.49 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, December 1st will be issued a $0.24 dividend. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.21. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Thursday, November 30th. Cathay General Bancorp’s payout ratio is 39.02%.

In related news, COO Irwin Wong sold 6,059 shares of the business’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 filing with the SEC, which can be accessed through the SEC website. 5.76% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio boosted its holdings in shares of Cathay General Bancorp by 45.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 81,672 shares of the bank’s stock worth $3,283,000 after buying an additional 25,705 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Cathay General Bancorp in the 3rd quarter worth about $585,000. Amussen Hunsaker Associates LLC purchased a new position in shares of Cathay General Bancorp in the 3rd quarter worth about $1,246,000. California Public Employees Retirement System boosted its holdings in shares of Cathay General Bancorp by 4.6% in the 3rd quarter. California Public Employees Retirement System now owns 179,356 shares of the bank’s stock worth $7,210,000 after buying an additional 7,956 shares during the last quarter. Finally, Narus Financial Partners LLC purchased a new position in shares of Cathay General Bancorp in the 3rd quarter worth about $207,000. 67.60% of the stock is currently owned by 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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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