Zacks Investment Research downgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a buy rating to a hold rating in a report released on Thursday.

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. “

CATY has been the topic of several other reports. Keefe, Bruyette & Woods set a $37.00 target price on Cathay General Bancorp and gave the stock a hold rating in a research note on Monday, May 22nd. Royal Bank Of Canada boosted their target price on Cathay General Bancorp from $35.00 to $43.00 and gave the stock an outperform rating in a research note on Thursday, July 20th. Piper Jaffray Companies restated a buy rating and set a $42.00 target price on shares of Cathay General Bancorp in a research note on Wednesday, July 12th. BidaskClub upgraded Cathay General Bancorp from a sell rating to a hold rating in a research note on Monday, July 3rd. Finally, SunTrust Banks, Inc. initiated coverage on Cathay General Bancorp in a research note on Friday, August 18th. They set a hold rating and a $39.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Cathay General Bancorp has a consensus rating of Hold and an average price target of $40.83.

Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 36.59 on Thursday. The company’s 50 day moving average price is $35.98 and its 200 day moving average price is $37.33. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $40.83. The stock has a market capitalization of $2.96 billion, a PE ratio of 15.06 and a beta of 1.29.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $123.50 million for the quarter, compared to the consensus estimate of $129.10 million. During the same period in the previous year, the business earned $0.44 EPS. On average, equities research analysts anticipate that Cathay General Bancorp will post $2.44 EPS for the current year.

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The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, September 1st were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.84 annualized dividend and a yield of 2.30%. Cathay General Bancorp’s payout ratio is presently 34.57%.

A number of institutional investors have recently bought and sold shares of CATY. Russell Investments Group Ltd. grew its stake in Cathay General Bancorp by 239.6% during the 1st quarter. Russell Investments Group Ltd. now owns 20,468 shares of the bank’s stock valued at $771,000 after purchasing an additional 14,441 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in Cathay General Bancorp by 1.6% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 26,117 shares of the bank’s stock valued at $984,000 after purchasing an additional 400 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in Cathay General Bancorp by 5.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 44,577 shares of the bank’s stock valued at $1,679,000 after purchasing an additional 2,376 shares during the last quarter. State Treasurer State of Michigan grew its stake in Cathay General Bancorp by 1.7% during the 1st quarter. State Treasurer State of Michigan now owns 30,400 shares of the bank’s stock valued at $1,145,000 after purchasing an additional 500 shares during the last quarter. Finally, LSV Asset Management grew its stake in Cathay General Bancorp by 102.8% during the 1st quarter. LSV Asset Management now owns 101,000 shares of the bank’s stock valued at $3,805,000 after purchasing an additional 51,200 shares during the last quarter. Institutional investors and hedge funds 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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