Cathay General Bancorp (NASDAQ:CATY) Earning Positive News Coverage, Report Finds
Media headlines about Cathay General Bancorp (NASDAQ:CATY) have been trending positive on Thursday, according to Accern. Accern ranks the sentiment of press coverage by analyzing more than twenty million blog and news sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores closest to one being the most favorable. Cathay General Bancorp earned a daily sentiment score of 0.31 on Accern’s scale. Accern also gave media stories about the bank an impact score of 41 out of 100, indicating that recent press coverage is somewhat unlikely to have an effect on the company’s share price in the immediate future.
Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $37.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. Royal Bank Of Canada increased their price target on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, July 20th. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “strong-buy” rating and set a $44.00 price target on the stock in a report on Friday, July 21st. Piper Jaffray Companies reissued a “buy” rating and set a $42.00 price target on shares of Cathay General Bancorp in a report on Wednesday, July 12th. Finally, BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $41.00.
Shares of Cathay General Bancorp (NASDAQ CATY) traded down 1.72% during midday trading on Thursday, reaching $37.24. The company’s stock had a trading volume of 458,651 shares. The stock has a 50-day moving average of $37.88 and a 200 day moving average of $37.78. Cathay General Bancorp has a 12-month low of $28.84 and a 12-month high of $40.83. The firm has a market capitalization of $3.01 billion, a P/E ratio of 15.33 and a beta of 1.28.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The business had revenue of $123.50 million during the quarter, compared to the consensus estimate of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Equities research analysts predict that Cathay General Bancorp will post $2.44 EPS for the current fiscal year.
In related news, Vice Chairman Anthony M. Tang sold 50,000 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $38.01, for a total transaction of $1,900,500.00. Following the completion of the sale, the insider now owns 301,400 shares of the company’s stock, valued at approximately $11,456,214. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.76% of the company’s stock.
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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.
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