Cathay General Bancorp (NASDAQ:CATY) PT Lowered to $39.00

Cathay General Bancorp (NASDAQ:CATY) had its target price cut by research analysts at Wedbush from $40.00 to $39.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “outperform” rating on the bank’s stock. Wedbush’s target price suggests a potential upside of 11.91% from the stock’s previous close.

Several other analysts have also weighed in on CATY. Zacks Investment Research upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, October 10th. ValuEngine upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Finally, Piper Jaffray Companies set a $44.00 price objective on Cathay General Bancorp and gave the company a “buy” rating in a report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $41.50.

Shares of CATY stock opened at $34.85 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.05 and a current ratio of 1.05. Cathay General Bancorp has a 1 year low of $31.89 and a 1 year high of $40.70. The stock has a fifty day moving average of $34.33 and a two-hundred day moving average of $35.12. The firm has a market capitalization of $2.75 billion, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.28.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.03. Cathay General Bancorp had a return on equity of 12.73% and a net margin of 34.86%. During the same quarter last year, the firm posted $0.85 earnings per share. Equities research analysts predict that Cathay General Bancorp will post 3.48 earnings per share for the current fiscal year.

In other news, EVP Kim R. Bingham sold 3,400 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $36.21, for a total transaction of $123,114.00. Following the completion of the sale, the executive vice president now directly owns 25,269 shares of the company’s stock, valued at $914,990.49. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lisa L. Kim sold 3,745 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $34.70, for a total value of $129,951.50. Following the sale, the executive vice president now directly owns 3,288 shares of the company’s stock, valued at $114,093.60. The disclosure for this sale can be found here. Corporate insiders own 4.73% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in CATY. Nuveen Asset Management LLC lifted its holdings in shares of Cathay General Bancorp by 81.2% during the second quarter. Nuveen Asset Management LLC now owns 2,382,358 shares of the bank’s stock valued at $85,550,000 after purchasing an additional 1,067,513 shares during the last quarter. BlackRock Inc. raised its position in Cathay General Bancorp by 5.6% during the second quarter. BlackRock Inc. now owns 11,010,837 shares of the bank’s stock valued at $395,399,000 after buying an additional 588,789 shares during the period. LSV Asset Management raised its position in Cathay General Bancorp by 15.6% during the second quarter. LSV Asset Management now owns 1,384,125 shares of the bank’s stock valued at $49,703,000 after buying an additional 186,579 shares during the period. Northern Trust Corp raised its position in Cathay General Bancorp by 5.4% during the second quarter. Northern Trust Corp now owns 2,495,947 shares of the bank’s stock valued at $89,629,000 after buying an additional 127,030 shares during the period. Finally, Royal Bank of Canada raised its position in Cathay General Bancorp by 372.8% during the second quarter. Royal Bank of Canada now owns 112,782 shares of the bank’s stock valued at $4,050,000 after buying an additional 88,929 shares during the period. 71.17% of the stock is owned by institutional investors and hedge funds.

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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