Cathay General Bancorp (CATY) Upgraded by BidaskClub to “Buy”

BidaskClub upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

A number of other brokerages also recently issued reports on CATY. ValuEngine downgraded Cathay General Bancorp from a buy rating to a hold rating in a report on Wednesday, January 10th. Piper Jaffray Companies reaffirmed a buy rating and set a $51.00 price target on shares of Cathay General Bancorp in a report on Tuesday, January 9th. Zacks Investment Research raised Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 price target for the company in a report on Friday, January 5th. Sandler O’Neill reaffirmed a hold rating and set a $45.00 price target on shares of Cathay General Bancorp in a report on Thursday, January 4th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and set a $44.00 price target on shares of Cathay General Bancorp in a report on Friday, December 22nd. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Cathay General Bancorp presently has a consensus rating of Hold and a consensus target price of $44.50.

Cathay General Bancorp (CATY) traded up $0.69 on Tuesday, reaching $44.77. The company had a trading volume of 246,035 shares, compared to its average volume of 302,946. Cathay General Bancorp has a 1 year low of $34.00 and a 1 year high of $45.54. The firm has a market cap of $3,603.76, a PE ratio of 18.20, a price-to-earnings-growth ratio of 1.95 and a beta of 1.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $135.27 million. During the same period in the previous year, the firm posted $0.58 EPS. Cathay General Bancorp’s revenue for the quarter was up 29.8% on a year-over-year basis. equities research analysts anticipate that Cathay General Bancorp will post 2.49 EPS for the current year.

In other Cathay General Bancorp news, insider Dunson K. Cheng sold 50,000 shares of Cathay General Bancorp stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the completion of the sale, the insider now directly owns 119,591 shares of the company’s stock, valued at approximately $5,076,637.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Irwin Wong sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $43.10, for a total value of $431,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 66,059 shares of company stock valued at $2,807,978 over the last ninety days. 5.76% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cathay General Bancorp by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after purchasing an additional 252 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in shares of Cathay General Bancorp by 65.9% in the 2nd quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after purchasing an additional 1,424 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of Cathay General Bancorp by 63.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after purchasing an additional 1,524 shares during the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at about $206,000. Finally, Narus Financial Partners LLC purchased a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at about $207,000. 67.47% of the stock is owned by institutional investors and hedge funds.

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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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