Piper Jaffray Companies reaffirmed their buy rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research note published on Tuesday, January 9th. Piper Jaffray Companies currently has a $51.00 price objective on the bank’s stock.
A number of other brokerages have also recently commented on CATY. BMO Capital Markets raised their price objective on shares of Cathay General Bancorp from $44.00 to $45.00 and gave the stock an outperform rating in a research note on Friday, November 3rd. Zacks Investment Research raised shares of Cathay General Bancorp from a hold rating to a buy rating and set a $46.00 price target on the stock in a research note on Wednesday, October 11th. Sandler O’Neill reissued a hold rating and issued a $45.00 price target on shares of Cathay General Bancorp in a research note on Thursday, January 4th. Finally, Keefe, Bruyette & Woods reissued a hold rating and issued a $44.00 price target on shares of Cathay General Bancorp in a research note on Friday, December 22nd. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $44.50.
Shares of Cathay General Bancorp (NASDAQ CATY) traded up $0.50 during midday trading on Tuesday, hitting $44.59. 156,604 shares of the stock were exchanged, compared to its average volume of 317,109. The firm has a market cap of $3,612.65, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.95 and a beta of 1.35. Cathay General Bancorp has a twelve month low of $34.00 and a twelve 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.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $146.20 million for the quarter, compared to analysts’ expectations of $135.27 million. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The business’s revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the company earned $0.58 EPS. equities analysts forecast that Cathay General Bancorp will post 2.49 EPS for the current year.
In other Cathay General Bancorp news, COO Irwin Wong sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total value of $431,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dunson K. Cheng sold 50,000 shares of the firm’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $42.45, for a total value of $2,122,500.00. Following the completion of the transaction, the insider now owns 119,591 shares in the company, valued at approximately $5,076,637.95. The disclosure for this sale can be found here. Insiders sold a total of 66,059 shares of company stock worth $2,807,978 in the last three months. 5.76% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the business. Los Angeles Capital Management & Equity Research Inc. lifted 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 valued at $734,000 after purchasing an additional 100 shares in the last quarter. Pinebridge Investments L.P. lifted its holdings in Cathay General Bancorp by 0.6% in the 2nd quarter. Pinebridge Investments L.P. now owns 40,055 shares of the bank’s stock valued at $1,521,000 after purchasing an additional 244 shares in the last quarter. Amalgamated Bank lifted its holdings in Cathay General Bancorp by 2.4% in the 2nd quarter. Amalgamated Bank now owns 10,680 shares of the bank’s stock valued at $405,000 after purchasing an additional 250 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted 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 valued at $115,000 after purchasing an additional 252 shares in the last quarter. Finally, 1st Global Advisors Inc. lifted its holdings in Cathay General Bancorp by 3.1% in the 2nd quarter. 1st Global Advisors Inc. now owns 12,757 shares of the bank’s stock valued at $484,000 after purchasing an additional 379 shares in the last quarter. Institutional investors own 67.47% of the company’s stock.
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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.
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