Cathay General Bancorp (NASDAQ:CATY) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
Several other equities research analysts also recently issued reports on the stock. ValuEngine downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, October 14th. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Friday, July 20th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price objective on shares of Cathay General Bancorp in a research report on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $47.64.
Shares of NASDAQ:CATY opened at $37.67 on Tuesday. Cathay General Bancorp has a 52-week low of $35.73 and a 52-week high of $45.59. The stock has a market capitalization of $3.07 billion, a P/E ratio of 11.97, a PEG ratio of 1.41 and a beta of 1.27. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.04 and a quick ratio of 1.04.
Cathay General Bancorp announced that its Board of Directors has initiated a stock buyback program on Friday, October 26th that authorizes the company to buyback $45.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 1.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 11,510 shares of the firm’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $42.50, for a total transaction of $489,175.00. Following the completion of the sale, the insider now directly owns 283,272 shares in the company, valued at $12,039,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lisa L. Kim sold 750 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $42.06, for a total transaction of $31,545.00. Following the sale, the executive vice president now owns 805 shares of the company’s stock, valued at $33,858.30. The disclosure for this sale can be found here. Insiders have sold 32,041 shares of company stock valued at $1,361,413 over the last 90 days. Company insiders own 4.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of CATY. LSV Asset Management lifted its position in Cathay General Bancorp by 198.0% during the second quarter. LSV Asset Management now owns 1,132,346 shares of the bank’s stock worth $45,848,000 after acquiring an additional 752,346 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Cathay General Bancorp by 5.8% during the second quarter. BlackRock Inc. now owns 9,807,758 shares of the bank’s stock worth $397,115,000 after purchasing an additional 538,766 shares during the period. Victory Capital Management Inc. bought a new position in shares of Cathay General Bancorp during the second quarter worth approximately $8,121,000. Dimensional Fund Advisors LP increased its holdings in shares of Cathay General Bancorp by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,874,123 shares of the bank’s stock worth $156,865,000 after purchasing an additional 127,407 shares during the period. Finally, Martingale Asset Management L P increased its holdings in shares of Cathay General Bancorp by 281.1% during the second quarter. Martingale Asset Management L P now owns 154,575 shares of the bank’s stock worth $6,259,000 after purchasing an additional 114,019 shares during the period. Hedge funds and other institutional investors own 70.57% of the company’s stock.
About Cathay General Bancorp
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.
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