Zacks Investment Research Downgrades Cathay General Bancorp (CATY) to Hold
Cathay General Bancorp (NASDAQ:CATY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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. “
Other analysts also recently issued research reports about the company. Keefe, Bruyette & Woods raised their price objective on Cathay General Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a research report on Monday, July 11th. BMO Capital Markets reiterated an “outperform” rating and issued a $32.00 price objective (down previously from $33.00) on shares of Cathay General Bancorp in a research report on Wednesday, July 6th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $33.00.
Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 30.84 on Tuesday. The stock has a 50 day moving average price of $30.86 and a 200 day moving average price of $29.71. Cathay General Bancorp has a one year low of $25.62 and a one year high of $34.69. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 15.58 and a beta of 1.31.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.44 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.44. Cathay General Bancorp had a return on equity of 9.23% and a net margin of 31.20%. During the same period in the prior year, the company posted $0.56 earnings per share. On average, equities research analysts forecast that Cathay General Bancorp will post $2.19 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Thursday, September 1st were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.33%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 36.18%.
In related news, Vice Chairman Peter Wu sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $31.30, for a total transaction of $939,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 6.36% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Cathay General Bancorp during the fourth quarter worth $37,027,000. Moody Aldrich Partners LLC acquired a new stake in Cathay General Bancorp during the first quarter worth $834,000. Commonwealth Equity Services Inc boosted its stake in Cathay General Bancorp by 0.6% in the first quarter. Commonwealth Equity Services Inc now owns 19,134 shares of the company’s stock worth $542,000 after buying an additional 121 shares in the last quarter. Aperio Group LLC boosted its stake in Cathay General Bancorp by 18.6% in the first quarter. Aperio Group LLC now owns 10,926 shares of the company’s stock worth $310,000 after buying an additional 1,712 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in Cathay General Bancorp by 14.2% in the first quarter. TIAA CREF Investment Management LLC now owns 402,421 shares of the company’s stock worth $11,401,000 after buying an additional 50,049 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.
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); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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