Cathay General Bancorp (CATY) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a sell rating in a research report report published on Monday, Zacks.com reports.

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. “

Separately, BidaskClub raised shares of Cathay General Bancorp from a sell rating to a hold rating in a report on Tuesday, December 25th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $46.63.

CATY stock opened at $35.43 on Monday. Cathay General Bancorp has a fifty-two week low of $31.94 and a fifty-two week high of $44.05. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $2.91 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 1.30 and a beta of 1.25.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, January 23rd. The bank reported $0.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.80. Cathay General Bancorp had a net margin of 37.84% and a return on equity of 13.18%. The firm had revenue of $155.88 million during the quarter, compared to analyst estimates of $155.75 million. During the same period last year, the firm posted $0.61 earnings per share. Analysts predict that Cathay General Bancorp will post 3.48 earnings per share for the current year.

In other Cathay General Bancorp news, EVP Kim R. Bingham sold 900 shares of Cathay General Bancorp stock in a transaction on Monday, February 4th. The shares were sold at an average price of $37.61, for a total transaction of $33,849.00. Following the completion of the transaction, the executive vice president now directly owns 27,520 shares of the company’s stock, valued at $1,035,027.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Anthony M. Tang sold 10,000 shares of Cathay General Bancorp stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $39.76, for a total transaction of $397,600.00. Following the transaction, the insider now directly owns 258,006 shares of the company’s stock, valued at $10,258,318.56. The disclosure for this sale can be found here. Insiders have sold 15,100 shares of company stock valued at $590,713 over the last ninety days. 4.90% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of CATY. Martingale Asset Management L P lifted its position in shares of Cathay General Bancorp by 12.0% during the third quarter. Martingale Asset Management L P now owns 173,075 shares of the bank’s stock worth $7,173,000 after purchasing an additional 18,500 shares during the last quarter. Allianz Asset Management GmbH lifted its position in shares of Cathay General Bancorp by 47.7% during the third quarter. Allianz Asset Management GmbH now owns 40,331 shares of the bank’s stock worth $1,671,000 after purchasing an additional 13,017 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Cathay General Bancorp during the third quarter worth $276,000. JPMorgan Chase & Co. lifted its position in shares of Cathay General Bancorp by 31.2% during the third quarter. JPMorgan Chase & Co. now owns 841,347 shares of the bank’s stock worth $34,865,000 after purchasing an additional 199,979 shares during the last quarter. Finally, Citadel Advisors LLC lifted its position in shares of Cathay General Bancorp by 21.3% during the third quarter. Citadel Advisors LLC now owns 27,456 shares of the bank’s stock worth $1,137,000 after purchasing an additional 4,824 shares during the last quarter. 72.58% of the stock is owned by institutional investors.

Cathay General Bancorp Company Profile

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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