Cathay General Bancorp (CATY) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a buy rating in a research report report published on Friday, January 5th. Zacks Investment Research currently has $47.00 price objective on the bank’s stock.

According to Zacks, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei. “

CATY has been the subject of a number of other research reports. BMO Capital Markets lifted their price objective on Cathay General Bancorp from $44.00 to $45.00 and gave the company an outperform rating in a research report on Friday, November 3rd. Keefe, Bruyette & Woods reissued a hold rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research report on Friday, December 22nd. Sandler O’Neill reissued a hold rating and set a $45.00 price objective on shares of Cathay General Bancorp in a research report on Thursday, January 4th. Piper Jaffray Companies reissued a buy rating and set a $43.00 price objective on shares of Cathay General Bancorp in a research report on Friday, October 6th. Finally, Royal Bank of Canada lifted their price objective on Cathay General Bancorp from $43.00 to $45.00 and gave the company an outperform rating in a research report on Thursday, October 26th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $44.50.

Shares of Cathay General Bancorp (NASDAQ:CATY) traded up $0.38 during trading on Friday, hitting $44.70. The stock had a trading volume of 286,000 shares, compared to its average volume of 347,189. The firm has a market capitalization of $3,612.65, a PE ratio of 18.17, a PEG ratio of 1.95 and a beta of 1.35. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37. Cathay General Bancorp has a 1-year low of $34.00 and a 1-year high of $45.54.

Cathay General Bancorp (NASDAQ:CATY) last issued 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. The business had revenue of $146.20 million during the quarter, compared to analysts’ expectations of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. Cathay General Bancorp’s revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.58 earnings per share. research analysts anticipate that Cathay General Bancorp will post 2.49 earnings per share for the current fiscal year.

In other 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 value of $2,122,500.00. Following the transaction, the insider now directly owns 119,591 shares in the company, valued at $5,076,637.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Irwin Wong sold 10,000 shares of Cathay General Bancorp stock in a transaction dated Tuesday, November 28th. The stock was 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 sold 66,059 shares of company stock valued at $2,807,978 in the last ninety days. Insiders own 5.76% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after purchasing an additional 252 shares during the period. Flinton Capital Management LLC boosted 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 worth $136,000 after acquiring an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC boosted 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 worth $149,000 after acquiring an additional 1,524 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in shares of Cathay General Bancorp in the 3rd quarter worth approximately $206,000. Finally, Narus Financial Partners LLC acquired a new position in shares of Cathay General Bancorp in the 3rd quarter worth approximately $207,000. Institutional investors and hedge funds 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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