Cathay General Bancorp’s (CATY) Buy Rating Reiterated at Piper Jaffray Companies
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.
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.
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