BidaskClub Upgrades Cathay General Bancorp (CATY) to “Sell”

Cathay General Bancorp (NASDAQ:CATY) was upgraded by research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.

Several other brokerages also recently issued reports on CATY. Zacks Investment Research downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, July 6th. ValuEngine downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price objective on shares of Cathay General Bancorp in a research note on Friday, July 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $47.31.

Shares of NASDAQ CATY opened at $42.25 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 1.58 and a beta of 1.28. Cathay General Bancorp has a 1 year low of $38.46 and a 1 year high of $45.59.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 18th. The bank reported $0.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.01. The business had revenue of $147.80 million during the quarter, compared to the consensus estimate of $147.85 million. Cathay General Bancorp had a net margin of 31.65% and a return on equity of 11.98%. During the same quarter last year, the firm earned $0.64 earnings per share. On average, sell-side analysts predict that Cathay General Bancorp will post 3.29 earnings per share for the current fiscal year.

In other news, Vice Chairman Anthony M. Tang sold 9,781 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $42.50, for a total transaction of $415,692.50. Following the completion of the sale, the insider now owns 268,225 shares of the company’s stock, valued at $11,399,562.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lisa L. Kim sold 750 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $42.06, for a total transaction of $31,545.00. Following the sale, the executive vice president now directly owns 805 shares of the company’s stock, valued at approximately $33,858.30. The disclosure for this sale can be found here. Insiders have sold 44,330 shares of company stock valued at $1,883,695 in the last ninety days. Insiders own 4.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of CATY. LSV Asset Management raised its stake in shares of Cathay General Bancorp by 198.0% during the second quarter. LSV Asset Management now owns 1,132,346 shares of the bank’s stock valued at $45,848,000 after acquiring an additional 752,346 shares in the last quarter. BlackRock Inc. raised its stake in Cathay General Bancorp by 5.8% in the second quarter. BlackRock Inc. now owns 9,807,758 shares of the bank’s stock worth $397,115,000 after buying an additional 538,766 shares in the last quarter. Millennium Management LLC raised its stake in Cathay General Bancorp by 2,507.7% in the first quarter. Millennium Management LLC now owns 555,303 shares of the bank’s stock worth $22,201,000 after buying an additional 534,008 shares in the last quarter. Victory Capital Management Inc. bought a new position in Cathay General Bancorp in the second quarter worth approximately $8,121,000. Finally, Dimensional Fund Advisors LP raised its stake in Cathay General Bancorp by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,874,123 shares of the bank’s stock worth $156,865,000 after buying an additional 127,407 shares in the last quarter. 70.50% of the stock is owned by hedge funds and other 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.

See Also: Fundamental Analysis and Individual Investors

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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