Cathay General Bancorp (CATY) Receives Average Recommendation of “Hold” from Analysts
Cathay General Bancorp (NASDAQ:CATY) has been given an average rating of “Hold” by the eight brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $41.33.
CATY has been the subject of several research reports. Piper Jaffray Companies restated a “buy” rating and issued a $42.00 price objective on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. BidaskClub cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Royal Bank Of Canada raised their price objective on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “strong-buy” rating and set a $44.00 target price on the stock in a research note on Friday, July 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $37.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, July 25th.
A number of institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after buying an additional 252 shares in the last quarter. Flinton Capital Management LLC lifted its stake in Cathay General Bancorp by 65.9% in the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after buying an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in Cathay General Bancorp by 63.5% in the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after buying an additional 1,524 shares in the last quarter. Oakbrook Investments LLC bought a new position in Cathay General Bancorp in the second quarter valued at approximately $211,000. Finally, Shelton Capital Management bought a new position in Cathay General Bancorp in the second quarter valued at approximately $215,000. 68.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cathay General Bancorp (NASDAQ CATY) traded down $0.11 during midday trading on Wednesday, reaching $41.66. The company’s stock had a trading volume of 61,272 shares, compared to its average volume of 350,457. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.04 and a current ratio of 1.05. The firm has a market capitalization of $3,375.71, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 2.10 and a beta of 1.34. Cathay General Bancorp has a 12-month low of $28.87 and a 12-month high of $42.64.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $146.20 million during the quarter, compared to analysts’ expectations of $135.27 million. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.58 EPS. equities research analysts forecast that Cathay General Bancorp will post 2.49 EPS for the current year.
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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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