Cathay General Bancorp (NASDAQ:CATY) Cut to Strong Sell at BidaskClub

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BidaskClub lowered shares of Cathay General Bancorp (NASDAQ:CATY) from a sell rating to a strong sell rating in a research report report published on Thursday, September 20th.

Several other equities research analysts also recently commented on the stock. Keefe, Bruyette & Woods reissued a hold rating and set a $47.00 target price on shares of Cathay General Bancorp in a research report on Friday, July 20th. Zacks Investment Research raised shares of Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 target price for the company in a research report on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Cathay General Bancorp currently has an average rating of Hold and a consensus target price of $47.31.

CATY stock traded down $1.07 during midday trading on Thursday, hitting $39.14. The stock had a trading volume of 532,275 shares, compared to its average volume of 380,679. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.58 and a beta of 1.28. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.33. Cathay General Bancorp has a 1-year low of $38.03 and a 1-year high of $45.59.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 18th. The bank reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.01. Cathay General Bancorp had a net margin of 31.65% and a return on equity of 11.98%. The firm had revenue of $147.80 million for the quarter, compared to analyst estimates of $147.85 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. Research analysts expect that Cathay General Bancorp will post 3.29 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Tuesday, September 4th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend was Friday, August 31st. Cathay General Bancorp’s payout ratio is 39.02%.

In other news, Vice Chairman Anthony M. Tang sold 10,000 shares of the stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $42.50, for a total transaction of $425,000.00. Following the completion of the transaction, the insider now directly owns 268,225 shares of the company’s stock, valued at approximately $11,399,562.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Lisa L. Kim sold 750 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $42.06, for a total transaction of $31,545.00. Following the transaction, the executive vice president now directly owns 805 shares of the company’s stock, valued at $33,858.30. The disclosure for this sale can be found here. Insiders sold a total of 44,330 shares of company stock valued at $1,883,695 over the last ninety days. 4.90% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Glen Harbor Capital Management LLC grew its position in shares of Cathay General Bancorp by 14.2% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 10,808 shares of the bank’s stock valued at $438,000 after acquiring an additional 1,344 shares during the period. Arizona State Retirement System grew its position in shares of Cathay General Bancorp by 2.8% during the 2nd quarter. Arizona State Retirement System now owns 53,019 shares of the bank’s stock valued at $2,147,000 after acquiring an additional 1,437 shares during the period. Wells Fargo & Company MN grew its position in shares of Cathay General Bancorp by 1.3% during the 1st quarter. Wells Fargo & Company MN now owns 119,642 shares of the bank’s stock valued at $4,783,000 after acquiring an additional 1,494 shares during the period. Sterling Capital Management LLC lifted its stake in shares of Cathay General Bancorp by 4.5% during the 2nd quarter. Sterling Capital Management LLC now owns 37,231 shares of the bank’s stock valued at $1,507,000 after buying an additional 1,616 shares in the last quarter. Finally, Ramsey Quantitative Systems lifted its stake in shares of Cathay General Bancorp by 29.2% during the 2nd quarter. Ramsey Quantitative Systems now owns 7,499 shares of the bank’s stock valued at $304,000 after buying an additional 1,697 shares in the last quarter. 70.50% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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