Zacks Investment Research upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a buy rating in a research report released on Monday morning. The firm currently has $41.00 target price 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. “
A number of other equities research analysts also recently commented on the company. BidaskClub upgraded Cathay General Bancorp from a sell rating to a hold rating in a research report on Monday, July 3rd. Royal Bank Of Canada boosted their target price on Cathay General Bancorp from $35.00 to $43.00 and gave the stock an outperform rating in a research report on Thursday, July 20th. Wedbush reiterated a neutral rating and issued a $39.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. Piper Jaffray Companies reiterated a buy rating and issued a $43.00 target price on shares of Cathay General Bancorp in a research report on Friday, September 1st. Finally, Keefe, Bruyette & Woods set a $37.00 target price on Cathay General Bancorp and gave the stock a hold rating in a research report on Monday, May 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Cathay General Bancorp currently has a consensus rating of Hold and an average price target of $40.33.
Cathay General Bancorp (NASDAQ:CATY) opened at 37.77 on Monday. The stock’s 50 day moving average price is $35.96 and its 200 day moving average price is $37.26. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 15.54 and a beta of 1.29.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $123.50 million for the quarter, compared to the consensus estimate of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same period in the previous year, the business earned $0.44 earnings per share. Equities research analysts anticipate that Cathay General Bancorp will post $2.44 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, September 1st were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.84 annualized dividend and a yield of 2.22%. Cathay General Bancorp’s payout ratio is currently 34.57%.
Hedge funds and other institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cathay General Bancorp by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after acquiring an additional 252 shares during the last quarter. Flinton Capital Management LLC increased its stake in Cathay General Bancorp by 65.9% during the second 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 during the last quarter. Riverhead Capital Management LLC increased its stake in Cathay General Bancorp by 63.5% during the second 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 during the last quarter. Oakbrook Investments LLC bought a new stake in Cathay General Bancorp during the second quarter worth approximately $211,000. Finally, Shelton Capital Management bought a new stake in Cathay General Bancorp during the second quarter worth approximately $215,000. 67.78% of the stock is currently owned by institutional investors.
Cathay General Bancorp Company Profile
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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