Piper Jaffray Companies Reaffirms Buy Rating for Cathay General Bancorp (CATY)

Piper Jaffray Companies reissued their buy rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a research note issued to investors on Tuesday, January 9th. The firm currently has a $51.00 price objective on the bank’s stock.

Several other research analysts have also recently issued reports on the stock. BMO Capital Markets cut shares of Cathay General Bancorp from an outperform rating to a market perform rating and set a $45.00 price objective for the company. in a report on Thursday, November 30th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a report on Friday, December 22nd. BidaskClub lowered shares of Cathay General Bancorp from a buy rating to a hold rating in a research note on Friday, December 29th. 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 note on Friday, January 5th. Finally, Sandler O’Neill reissued a hold rating and set a $45.00 target price on shares of Cathay General Bancorp in a research note on Thursday, January 4th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Cathay General Bancorp currently has an average rating of Hold and a consensus price target of $44.50.

Shares of Cathay General Bancorp (NASDAQ:CATY) opened at $44.70 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. Cathay General Bancorp has a 1 year low of $34.00 and a 1 year high of $45.54. The firm has a market cap of $3,612.65, a PE ratio of 18.17, a P/E/G ratio of 1.95 and a beta of 1.35.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The business had revenue of $146.20 million during the quarter, compared to the consensus estimate of $135.27 million. During the same quarter in the prior year, the firm earned $0.58 EPS. The company’s revenue for the quarter was up 29.8% compared to the same quarter last year. research analysts expect that Cathay General Bancorp will post 2.49 earnings per share for the current year.

In other Cathay General Bancorp news, COO Irwin Wong sold 6,059 shares of the stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $42.00, for a total value of $254,478.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dunson K. Cheng sold 50,000 shares of the stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the completion of the sale, the insider now owns 119,591 shares of the company’s stock, valued at approximately $5,076,637.95. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,059 shares of company stock valued at $2,807,978. 5.76% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in shares of Cathay General Bancorp by 7.0% during the 2nd quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock worth $322,995,000 after purchasing an additional 554,856 shares during the last quarter. State Street Corp increased its stake in shares of Cathay General Bancorp by 6.3% during the 2nd quarter. State Street Corp now owns 3,810,885 shares of the bank’s stock worth $144,623,000 after purchasing an additional 227,348 shares during the last quarter. Northern Trust Corp increased its stake in shares of Cathay General Bancorp by 11.9% during the 2nd quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock worth $92,992,000 after purchasing an additional 261,148 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cathay General Bancorp by 0.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,469,247 shares of the bank’s stock worth $59,065,000 after purchasing an additional 7,251 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of Cathay General Bancorp by 4.6% during the 3rd quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock worth $49,860,000 after purchasing an additional 54,780 shares during the last quarter. Institutional investors own 67.47% of the company’s stock.

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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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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