Cathay General Bancorp (NASDAQ:CATY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $43.00 price target on the bank’s stock. Zacks Investment Research’s target price suggests a potential upside of 12.71% from the company’s current price.
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. “
Other equities research analysts also recently issued research reports about the stock. Piper Jaffray Companies decreased their target price on shares of Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday. Keefe, Bruyette & Woods set a $36.00 price objective on shares of Cathay General Bancorp and gave the company a “hold” rating in a research report on Monday, April 3rd. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $37.20.
Shares of Cathay General Bancorp (NASDAQ:CATY) traded down 0.18% on Friday, reaching $38.15. The company had a trading volume of 395,379 shares. Cathay General Bancorp has a 12 month low of $26.27 and a 12 month high of $40.83. The firm has a market capitalization of $3.04 billion, a PE ratio of 17.42 and a beta of 1.19. The firm’s 50 day moving average is $37.65 and its 200 day moving average is $35.99.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, April 19th. The bank reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a net margin of 32.89% and a return on equity of 9.94%. The business earned $118.83 million during the quarter, compared to the consensus estimate of $119.30 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. On average, equities research analysts expect that Cathay General Bancorp will post $2.36 earnings per share for the current fiscal year.
In related news, insider Dunson K. Cheng sold 61,417 shares of the firm’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $40.26, for a total value of $2,472,648.42. Following the completion of the sale, the insider now owns 233,563 shares in the company, valued at $9,403,246.38. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Patrick Lee sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $39.17, for a total transaction of $137,095.00. Following the completion of the sale, the director now owns 3,500 shares of the company’s stock, valued at approximately $137,095. The disclosure for this sale can be found here. In the last 90 days, insiders sold 249,712 shares of company stock valued at $9,673,311. 6.36% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in the stock. Retirement Systems of Alabama increased its stake in shares of Cathay General Bancorp by 0.9% in the first quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock worth $3,641,000 after buying an additional 862 shares during the last quarter. Boston Advisors LLC increased its stake in shares of Cathay General Bancorp by 12.2% in the first quarter. Boston Advisors LLC now owns 153,005 shares of the bank’s stock worth $5,765,000 after buying an additional 16,660 shares during the last quarter. Smith Graham & Co. Investment Advisors LP increased its stake in shares of Cathay General Bancorp by 8.9% in the first quarter. Smith Graham & Co. Investment Advisors LP now owns 124,540 shares of the bank’s stock worth $4,693,000 after buying an additional 10,210 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Cathay General Bancorp by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the bank’s stock worth $712,000 after buying an additional 600 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Cathay General Bancorp by 65.6% in the first quarter. Bank of Montreal Can now owns 84,468 shares of the bank’s stock worth $3,183,000 after buying an additional 33,468 shares during the last quarter. Hedge funds and other institutional investors own 65.72% of the company’s stock.
About Cathay General Bancorp
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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