Cathay General Bancorp (CATY) Upgraded by Zacks Investment Research to Hold
Cathay General Bancorp (NASDAQ:CATY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a 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. “
Cathay General Bancorp (NASDAQ:CATY) traded down 0.37% during trading on Tuesday, hitting $35.23. The company had a trading volume of 462,370 shares. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 16.86 and a beta of 1.12. The firm has a 50-day moving average of $31.95 and a 200 day moving average of $30.53. Cathay General Bancorp has a 12-month low of $25.62 and a 12-month high of $36.35.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, October 19th. The company reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by $0.01. Cathay General Bancorp had a net margin of 32.24% and a return on equity of 9.58%. During the same period last year, the business posted $0.47 earnings per share. On average, equities research analysts forecast that Cathay General Bancorp will post $2.19 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 12th. Investors of record on Thursday, December 1st will be paid a $0.21 dividend. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Tuesday, November 29th. This represents a $0.84 annualized dividend and a yield of 2.38%. Cathay General Bancorp’s payout ratio is currently 34.29%.
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In other Cathay General Bancorp news, insider Dunson K. Cheng sold 27,500 shares of the business’s stock in a transaction on Friday, November 18th. The stock was sold at an average price of $35.61, for a total value of $979,275.00. Following the transaction, the insider now owns 248,907 shares of the company’s stock, valued at $8,863,578.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Heng W. Chen sold 44,000 shares of the business’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $35.18, for a total value of $1,547,920.00. Following the completion of the transaction, the chief financial officer now directly owns 73,940 shares in the company, valued at approximately $2,601,209.20. The disclosure for this sale can be found here. 6.36% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its position in Cathay General Bancorp by 6.4% in the first quarter. Geode Capital Management LLC now owns 518,150 shares of the company’s stock worth $14,678,000 after buying an additional 31,161 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Cathay General Bancorp by 0.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 120,236 shares of the company’s stock worth $3,406,000 after buying an additional 472 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Cathay General Bancorp by 55,673.3% in the second quarter. BNP Paribas Arbitrage SA now owns 33,464 shares of the company’s stock worth $944,000 after buying an additional 33,404 shares during the last quarter. Alpha Windward LLC purchased a new stake in Cathay General Bancorp during the second quarter worth $377,000. Finally, GW&K Investment Management LLC increased its stake in Cathay General Bancorp by 23.7% in the second quarter. GW&K Investment Management LLC now owns 1,299,255 shares of the company’s stock worth $36,639,000 after buying an additional 249,153 shares during the last quarter. 67.34% 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); 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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