Cathay General Bancorp (CATY) Upgraded by BidaskClub to Buy

Cathay General Bancorp (NASDAQ:CATY) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

A number of other research firms have also issued reports on CATY. BMO Capital Markets lowered shares of Cathay General Bancorp from an “outperform” rating to a “market perform” rating and set a $45.00 price target for the company. in a research report on Thursday, November 30th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $44.00 price target on shares of Cathay General Bancorp in a research report on Friday, December 22nd. ValuEngine lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Piper Jaffray Companies reissued a “buy” rating and set a $51.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, January 9th. Finally, Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Friday, January 5th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $44.50.

Cathay General Bancorp (NASDAQ:CATY) traded down $0.61 on Tuesday, reaching $44.09. 206,913 shares of the company’s stock were exchanged, compared to its average volume of 332,160. Cathay General Bancorp has a 12 month low of $34.00 and a 12 month 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 $3,612.65, a price-to-earnings ratio of 17.92, a PEG ratio of 1.95 and a beta of 1.35.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $146.20 million during the quarter, compared to analyst estimates of $135.27 million. During the same period last year, the firm 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, COO Irwin Wong sold 10,000 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $43.10, for a total transaction of $431,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dunson K. Cheng sold 50,000 shares of Cathay General Bancorp stock in a transaction that occurred on 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 transaction, the insider now directly owns 119,591 shares of the company’s stock, valued at $5,076,637.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,059 shares of company stock valued at $2,807,978. Insiders own 5.76% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of CATY. Legal & General Group Plc increased its holdings in Cathay General Bancorp by 24.9% in the 2nd quarter. Legal & General Group Plc now owns 59,224 shares of the bank’s stock worth $2,248,000 after acquiring an additional 11,814 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cathay General Bancorp by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after acquiring an additional 252 shares in the last quarter. Swiss National Bank increased its holdings in Cathay General Bancorp by 2.2% in the 2nd quarter. Swiss National Bank now owns 126,000 shares of the bank’s stock worth $4,782,000 after acquiring an additional 2,700 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Cathay General Bancorp by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 676,514 shares of the bank’s stock worth $25,674,000 after acquiring an additional 25,728 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its holdings in Cathay General Bancorp by 0.5% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,343 shares of the bank’s stock worth $734,000 after acquiring an additional 100 shares in the last quarter. 67.47% of the stock is 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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