Cathay General Bancorp (NASDAQ:CATY) Stock Rating Lowered by BidaskClub

Cathay General Bancorp (NASDAQ:CATY) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Tuesday, BidAskClub reports.

Several other research analysts also recently weighed in on the company. ValuEngine upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, January 4th. Zacks Investment Research upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, December 24th. Finally, Wedbush cut their price target on Cathay General Bancorp from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus price target of $41.50.

Shares of Cathay General Bancorp stock traded up $0.56 during trading hours on Tuesday, hitting $37.90. 34,261 shares of the company’s stock traded hands, compared to its average volume of 212,057. Cathay General Bancorp has a 12-month low of $31.89 and a 12-month high of $40.06. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 11.35 and a beta of 1.29. The company has a fifty day simple moving average of $37.72 and a 200-day simple moving average of $35.89. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.06 and a quick ratio of 1.06.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, October 16th. The bank reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $157.39 million during the quarter, compared to analyst estimates of $156.07 million. Cathay General Bancorp had a return on equity of 12.68% and a net margin of 34.23%. During the same period last year, the firm posted $0.85 EPS. On average, analysts forecast that Cathay General Bancorp will post 3.47 EPS for the current fiscal year.

In other Cathay General Bancorp news, EVP Lisa L. Kim sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $37.12, for a total value of $55,680.00. Following the completion of the transaction, the executive vice president now owns 1,788 shares in the company, valued at approximately $66,370.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Dunson K. Cheng sold 17,969 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $37.62, for a total value of $675,993.78. Following the completion of the transaction, the chairman now owns 43,015 shares of the company’s stock, valued at approximately $1,618,224.30. The disclosure for this sale can be found here. Insiders have sold a total of 34,469 shares of company stock valued at $1,283,224 in the last quarter. 4.73% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in Cathay General Bancorp by 5.6% in the 2nd quarter. BlackRock Inc. now owns 11,010,837 shares of the bank’s stock worth $395,399,000 after purchasing an additional 588,789 shares during the period. Nuveen Asset Management LLC boosted its stake in Cathay General Bancorp by 81.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,382,358 shares of the bank’s stock worth $85,550,000 after purchasing an additional 1,067,513 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Cathay General Bancorp by 13.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,249,122 shares of the bank’s stock worth $43,388,000 after purchasing an additional 150,620 shares during the period. GW&K Investment Management LLC boosted its stake in Cathay General Bancorp by 41.0% in the 3rd quarter. GW&K Investment Management LLC now owns 1,102,415 shares of the bank’s stock worth $38,292,000 after purchasing an additional 320,820 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in Cathay General Bancorp by 10.5% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 809,200 shares of the bank’s stock worth $82,980,000 after purchasing an additional 76,641 shares during the period. Institutional investors and hedge funds own 70.49% of the company’s stock.

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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