BidaskClub cut shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a sell rating in a research note issued to investors on Friday, BidAskClub reports.

A number of other analysts also recently issued reports on CATY. Piper Jaffray Companies set a $92.00 target price on Wintrust Financial and gave the company a buy rating in a research report on Monday, July 8th. Zacks Investment Research downgraded First Merchants from a hold rating to a sell rating in a research report on Monday, July 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Cathay General Bancorp currently has a consensus rating of Hold and a consensus price target of $46.00.

NASDAQ:CATY opened at $35.77 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The firm has a 50-day moving average of $34.99. The firm has a market capitalization of $2.88 billion, a P/E ratio of 10.52, a P/E/G ratio of 1.29 and a beta of 1.24. Cathay General Bancorp has a 52-week low of $31.94 and a 52-week high of $43.53.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. The business had revenue of $156.24 million for the quarter, compared to the consensus estimate of $153.10 million. Cathay General Bancorp had a return on equity of 13.08% and a net margin of 36.43%. During the same quarter in the previous year, the business earned $0.78 earnings per share. Research analysts anticipate that Cathay General Bancorp will post 3.47 EPS for the current year.

Cathay General Bancorp declared that its board has approved a share repurchase program on Tuesday, May 7th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to reacquire up to 1.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

A number of institutional investors have recently bought and sold shares of CATY. Pearl River Capital LLC grew its holdings in Cathay General Bancorp by 288.0% during the first quarter. Pearl River Capital LLC now owns 1,296 shares of the bank’s stock worth $44,000 after purchasing an additional 962 shares during the period. Royce & Associates LP bought a new position in Cathay General Bancorp during the first quarter worth about $48,000. Denali Advisors LLC bought a new position in Cathay General Bancorp during the second quarter worth about $108,000. NumerixS Investment Technologies Inc bought a new position in Cathay General Bancorp during the first quarter worth about $122,000. Finally, Meeder Asset Management Inc. bought a new position in Cathay General Bancorp during the first quarter worth about $177,000. Institutional investors and hedge funds own 71.58% of the company’s stock.

About Cathay General Bancorp

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.

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