StockNews.com Lowers Cathay General Bancorp (NASDAQ:CATY) to Hold

StockNews.com cut shares of Cathay General Bancorp (NASDAQ:CATYGet Rating) from a buy rating to a hold rating in a report issued on Tuesday.

Other research analysts have also issued reports about the stock. Stephens lowered their target price on shares of Cathay General Bancorp to $44.00 in a research note on Tuesday, July 26th. DA Davidson raised their target price on shares of Cathay General Bancorp to $47.00 in a research note on Thursday, October 27th.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $45.46 on Tuesday. The company’s fifty day moving average is $43.03 and its 200-day moving average is $41.66. Cathay General Bancorp has a 12 month low of $37.37 and a 12 month high of $48.88. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 10.10 and a beta of 1.16. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.21.

Cathay General Bancorp (NASDAQ:CATYGet Rating) last posted its earnings results on Monday, October 24th. The bank reported $1.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.06. Cathay General Bancorp had a net margin of 41.20% and a return on equity of 13.93%. The business had revenue of $205.41 million for the quarter, compared to analyst estimates of $205.26 million. During the same period last year, the business posted $0.93 EPS. Cathay General Bancorp’s revenue was up 27.1% compared to the same quarter last year. Equities analysts expect that Cathay General Bancorp will post 4.91 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Tuesday, November 29th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Monday, November 28th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.22%.

Insider Buying and Selling at Cathay General Bancorp

In other news, Vice Chairman Anthony M. Tang sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $45.38, for a total transaction of $226,900.00. Following the completion of the transaction, the insider now directly owns 223,964 shares of the company’s stock, valued at approximately $10,163,486.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Vice Chairman Peter Wu sold 2,905 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The shares were sold at an average price of $45.05, for a total transaction of $130,870.25. Following the completion of the transaction, the insider now directly owns 392,347 shares of the company’s stock, valued at approximately $17,675,232.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Anthony M. Tang sold 5,000 shares of the firm’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $45.38, for a total transaction of $226,900.00. Following the transaction, the insider now directly owns 223,964 shares of the company’s stock, valued at $10,163,486.32. The disclosure for this sale can be found here. Insiders sold a total of 12,905 shares of company stock valued at $579,670 in the last ninety days. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

A number of hedge funds have recently made changes to their positions in CATY. SG Americas Securities LLC increased its position in shares of Cathay General Bancorp by 279.0% during the 1st quarter. SG Americas Securities LLC now owns 25,048 shares of the bank’s stock worth $1,121,000 after purchasing an additional 18,439 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new stake in Cathay General Bancorp in the 1st quarter valued at about $2,383,000. Versor Investments LP increased its position in Cathay General Bancorp by 46.9% in the 1st quarter. Versor Investments LP now owns 7,197 shares of the bank’s stock valued at $322,000 after acquiring an additional 2,297 shares in the last quarter. Smith Graham & Co. Investment Advisors LP increased its position in Cathay General Bancorp by 3.5% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 91,635 shares of the bank’s stock valued at $4,101,000 after acquiring an additional 3,084 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its position in shares of Cathay General Bancorp by 152.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 44,884 shares of the bank’s stock worth $2,009,000 after buying an additional 27,130 shares during the period. Institutional investors and hedge funds own 69.26% of the company’s stock.

Cathay General Bancorp Company Profile

(Get Rating)

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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