Cathay General Bancorp (NASDAQ:CATY) Lifted to Hold at BidaskClub

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BidaskClub upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a sell rating to a hold rating in a research report released on Thursday, BidAskClub reports.

CATY has been the subject of a number of other reports. Zacks Investment Research lowered shares of Cathay General Bancorp from a buy rating to a hold rating in a research note on Monday, July 1st. Piper Jaffray Companies set a $44.00 price target on shares of Cathay General Bancorp and gave the stock a buy rating in a research note on Monday, July 8th.

NASDAQ:CATY traded up $0.40 on Thursday, reaching $35.74. 628,546 shares of the stock traded hands, compared to its average volume of 444,547. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 1.24 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.34. Cathay General Bancorp has a 12 month low of $31.89 and a 12 month high of $43.53. The company’s fifty day simple moving average is $34.34 and its 200 day simple moving average is $35.38.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The business had revenue of $156.17 million during the quarter, compared to analyst estimates of $154.13 million. Cathay General Bancorp had a net margin of 34.86% and a return on equity of 12.73%. During the same period last year, the business earned $0.90 EPS. Equities analysts anticipate that Cathay General Bancorp will post 3.5 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be paid a $0.31 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.47%. Cathay General Bancorp’s dividend payout ratio is presently 37.13%.

In other news, EVP Kim R. Bingham sold 3,400 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $36.21, for a total value of $123,114.00. Following the completion of the sale, the executive vice president now directly owns 25,269 shares in the company, valued at $914,990.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lisa L. Kim sold 3,745 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $34.70, for a total transaction of $129,951.50. Following the completion of the sale, the executive vice president now owns 3,288 shares of the company’s stock, valued at $114,093.60. The disclosure for this sale can be found here. Insiders own 4.73% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC bought a new stake in shares of Cathay General Bancorp in the second quarter worth approximately $37,000. Royce & Associates LP bought a new stake in shares of Cathay General Bancorp in the first quarter worth approximately $48,000. Denali Advisors LLC bought a new stake in shares of Cathay General Bancorp in the second quarter worth approximately $108,000. NumerixS Investment Technologies Inc bought a new stake in shares of Cathay General Bancorp in the first quarter worth approximately $122,000. Finally, A.R.T. Advisors LLC bought a new stake in shares of Cathay General Bancorp in the second quarter worth approximately $212,000. Hedge funds and other institutional investors own 71.61% of the company’s stock.

Cathay General Bancorp Company Profile

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.

Further Reading: Return on Investment (ROI)

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