Piper Jaffray Companies restated their buy rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a report published on Friday morning. The firm currently has a $43.00 target price on the bank’s stock.

Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Cathay General Bancorp from a hold rating to a sell rating in a research note on Tuesday, June 27th. Zacks Investment Research cut Cathay General Bancorp from a buy rating to a hold rating in a research note on Tuesday, June 20th. SunTrust Banks, Inc. started coverage on Cathay General Bancorp in a research note on Friday, August 18th. They set a hold rating and a $39.00 price target for the company. Keefe, Bruyette & Woods set a $37.00 price target on Cathay General Bancorp and gave the stock a hold rating in a research note on Monday, May 22nd. Finally, Wedbush reiterated a neutral rating and issued a $39.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Cathay General Bancorp has an average rating of Hold and an average target price of $40.83.

Cathay General Bancorp (NASDAQ:CATY) opened at 35.58 on Friday. The company has a market capitalization of $2.87 billion, a PE ratio of 14.64 and a beta of 1.29. The stock has a 50 day moving average of $36.60 and a 200-day moving average of $37.59. Cathay General Bancorp has a 12-month low of $28.84 and a 12-month high of $40.83.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. The business had revenue of $123.50 million during the quarter, compared to the consensus estimate of $129.10 million. During the same period in the previous year, the company posted $0.44 earnings per share. Equities analysts expect that Cathay General Bancorp will post $2.44 earnings per share for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, September 1st will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 2.36%. Cathay General Bancorp’s payout ratio is currently 34.57%.

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The stock was 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 in the company, valued at approximately $11,456,214. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 5.76% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Karp Capital Management Corp acquired a new position in shares of Cathay General Bancorp in the 1st quarter worth approximately $526,000. Retirement Systems of Alabama grew its position in shares of Cathay General Bancorp by 0.9% in the 1st quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock worth $3,641,000 after acquiring an additional 862 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Cathay General Bancorp by 3.3% in the 1st quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the bank’s stock worth $712,000 after acquiring an additional 600 shares in the last quarter. ClariVest Asset Management LLC grew its position in shares of Cathay General Bancorp by 160.6% in the 1st quarter. ClariVest Asset Management LLC now owns 159,500 shares of the bank’s stock worth $6,010,000 after acquiring an additional 98,300 shares in the last quarter. Finally, Mason Street Advisors LLC grew its position in shares of Cathay General Bancorp by 2.2% in the 1st quarter. Mason Street Advisors LLC now owns 35,357 shares of the bank’s stock worth $1,332,000 after acquiring an additional 747 shares in the last quarter. Hedge funds and other institutional investors own 67.80% of the company’s stock.

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); 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)

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