Cathay General Bancorp (CATY) Receives Consensus Recommendation of “Hold” from Brokerages

Cathay General Bancorp (NASDAQ:CATY) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $40.83.

CATY has been the subject of several research analyst reports. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Thursday, June 1st. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Royal Bank Of Canada lifted their price target on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, July 20th. Wedbush reaffirmed a “neutral” rating and set a $39.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $37.00 price objective on shares of Cathay General Bancorp and gave the stock a “hold” rating in a research note on Monday, May 22nd.

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Cathay General Bancorp (NASDAQ CATY) traded up 2.33% on Tuesday, reaching $36.48. The company’s stock had a trading volume of 334,973 shares. The company has a market capitalization of $2.95 billion, a PE ratio of 15.01 and a beta of 1.29. Cathay General Bancorp has a one year low of $28.84 and a one year high of $40.83. The firm has a 50-day moving average of $36.18 and a 200-day moving average of $37.39.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. The firm had revenue of $123.50 million during the quarter, compared to the consensus estimate of $129.10 million. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Analysts predict that Cathay General Bancorp will post $2.44 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, September 1st were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Wednesday, August 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is 34.57%.

Large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after buying an additional 252 shares in the last quarter. Flinton Capital Management LLC raised its stake in Cathay General Bancorp by 65.9% in the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after buying an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC raised its stake in Cathay General Bancorp by 63.5% in the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock worth $149,000 after buying an additional 1,524 shares in the last quarter. Oakbrook Investments LLC bought a new position in Cathay General Bancorp in the second quarter worth approximately $211,000. Finally, Shelton Capital Management bought a new position in Cathay General Bancorp in the second quarter worth approximately $215,000. 67.80% of the stock is owned by institutional investors.

Cathay General Bancorp Company Profile

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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