Cathay General Bancorp (NASDAQ:CATY) was downgraded by research analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday.

CATY has been the topic of several other research reports. Royal Bank Of Canada increased their target price on Cathay General Bancorp from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, October 26th. Piper Jaffray Companies restated a “buy” rating and set a $43.00 target price on shares of Cathay General Bancorp in a research report on Friday, September 1st. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Monday, September 18th. SunTrust Banks began coverage on Cathay General Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $39.00 target price on the stock. Finally, BidaskClub downgraded Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Cathay General Bancorp has an average rating of “Hold” and an average price target of $42.14.

Cathay General Bancorp (CATY) opened at $44.75 on Thursday. The company has a market capitalization of $3,526.98, a P/E ratio of 17.53, a P/E/G ratio of 2.19 and a beta of 1.34. Cathay General Bancorp has a 12 month low of $34.00 and a 12 month high of $45.54. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37.

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

In other news, COO Irwin Wong sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $43.10, for a total value of $431,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.76% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. increased its holdings in shares of Cathay General Bancorp by 0.3% in the second quarter. Alps Advisors Inc. now owns 12,271 shares of the bank’s stock worth $466,000 after purchasing an additional 31 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its holdings in shares of Cathay General Bancorp by 0.4% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 14,626 shares of the bank’s stock worth $555,000 after purchasing an additional 52 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of Cathay General Bancorp by 0.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,343 shares of the bank’s stock worth $734,000 after purchasing an additional 100 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Cathay General Bancorp by 1.7% in the second quarter. Teacher Retirement System of Texas now owns 6,069 shares of the bank’s stock worth $230,000 after purchasing an additional 101 shares during the period. Finally, Pinebridge Investments L.P. increased its holdings in shares of Cathay General Bancorp by 0.6% in the second quarter. Pinebridge Investments L.P. now owns 40,055 shares of the bank’s stock worth $1,521,000 after purchasing an additional 244 shares during the period. 67.60% of the stock is currently owned by hedge funds and other institutional investors.

WARNING: This story was originally posted by Daily Political and is the property of of Daily Political. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.dailypolitical.com/2017/11/30/cathay-general-bancorp-caty-downgraded-by-bmo-capital-markets-to-market-perform.html.

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); 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)

Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.