Cathay General Bancorp (CATY) Downgraded to Sell at BidaskClub

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BidaskClub downgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a sell rating in a research report released on Friday.

Separately, ValuEngine upgraded shares of Cathay General Bancorp from a sell rating to a hold rating in a report on Monday, October 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $47.64.

NASDAQ CATY opened at $37.27 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.04. Cathay General Bancorp has a 12-month low of $35.73 and a 12-month high of $45.59. The company has a market capitalization of $3.05 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 1.40 and a beta of 1.25.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Wednesday, October 17th. The bank reported $0.85 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.85. The business had revenue of $152.92 million for the quarter, compared to the consensus estimate of $153.90 million. Cathay General Bancorp had a net margin of 33.74% and a return on equity of 12.64%. During the same period in the previous year, the company earned $0.61 earnings per share. On average, analysts predict that Cathay General Bancorp will post 3.35 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Monday, December 3rd will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 3.33%. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, November 30th. Cathay General Bancorp’s payout ratio is presently 50.41%.

Cathay General Bancorp declared that its Board of Directors has authorized a share buyback program on Friday, October 26th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 1.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, insider Dunson K. Cheng sold 31,000 shares of the business’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $38.69, for a total transaction of $1,199,390.00. Following the transaction, the insider now directly owns 30,828 shares in the company, valued at $1,192,735.32. The sale was disclosed in a filing with the SEC, which is available through this link. 4.90% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Cathay General Bancorp by 1.4% during the third quarter. Vanguard Group Inc. now owns 7,420,546 shares of the bank’s stock worth $307,507,000 after purchasing an additional 102,133 shares during the period. Nordea Investment Management AB boosted its position in Cathay General Bancorp by 39.7% during the third quarter. Nordea Investment Management AB now owns 239,615 shares of the bank’s stock worth $9,929,000 after purchasing an additional 68,115 shares during the period. Teachers Advisors LLC boosted its position in Cathay General Bancorp by 0.3% during the third quarter. Teachers Advisors LLC now owns 754,063 shares of the bank’s stock worth $31,248,000 after purchasing an additional 2,054 shares during the period. Mutual Advisors LLC bought a new position in Cathay General Bancorp during the third quarter worth $205,000. Finally, MetLife Investment Advisors LLC boosted its position in Cathay General Bancorp by 22.1% during the third quarter. MetLife Investment Advisors LLC now owns 100,578 shares of the bank’s stock worth $4,168,000 after purchasing an additional 18,178 shares during the period. Institutional investors and hedge funds own 71.92% 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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Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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