Cathay General Bancorp (CATY) Trading 5.8% Higher
Cathay General Bancorp (NASDAQ:CATY)’s share price traded up 5.8% during mid-day trading on Friday . The stock traded as high as $29.02 and last traded at $28.94, with a volume of 723,817 shares trading hands. The stock had previously closed at $27.35.
Several equities analysts have recently issued reports on the stock. DA Davidson boosted their price target on shares of Cathay General Bancorp from $30.00 to $33.00 and gave the company a “neutral” rating in a report on Thursday, April 21st. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “strong-buy” rating and set a $36.00 price target for the company in a report on Monday, April 25th. Sandler O’Neill downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 15th. They noted that the move was a valuation call. Finally, BMO Capital Markets reissued an “outperform” rating and set a $32.00 price target (down previously from $33.00) on shares of Cathay General Bancorp in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Cathay General Bancorp presently has a consensus rating of “Hold” and an average price target of $33.20.
The company has a market capitalization of $2.26 billion and a price-to-earnings ratio of 13.67. The firm has a 50 day moving average of $29.15 and a 200-day moving average of $28.80.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, April 20th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.05. The business had revenue of $109.91 million for the quarter, compared to analyst estimates of $109.84 million. During the same quarter last year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, analysts forecast that Cathay General Bancorp will post $2.11 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 13th. Stockholders of record on Wednesday, June 1st were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, May 27th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.51%.
Several hedge funds and institutional investors have modified their holdings of CATY. WBI Investments Inc. acquired a new position in shares of Cathay General Bancorp during the fourth quarter worth approximately $8,819,000. Alpine Woods Capital Investors LLC raised its position in shares of Cathay General Bancorp by 33.1% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 85,200 shares of the company’s stock worth $2,669,000 after buying an additional 21,200 shares during the last quarter. Buckhead Capital Management LLC raised its position in shares of Cathay General Bancorp by 0.7% in the fourth quarter. Buckhead Capital Management LLC now owns 38,356 shares of the company’s stock worth $1,202,000 after buying an additional 260 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Cathay General Bancorp by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 244,535 shares of the company’s stock worth $7,661,000 after buying an additional 2,380 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Cathay General Bancorp by 156.1% in the fourth quarter. Bank of Montreal Can now owns 106,160 shares of the company’s stock worth $3,326,000 after buying an additional 64,705 shares during the last quarter.
Cathay General Company is a bank holding company. The Company operates through Cathay Bank, a California state-chartered commercial bank (the Bank), seven limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner, and GBC Venture Capital, Inc The Bank primarily services individuals, professionals and small to medium-sized businesses in the local markets in which its branches are located and provides commercial mortgage loans, commercial loans, residential mortgage loans, real estate construction loans, home equity lines of credit and installment loans to individuals.
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