ValuEngine Lowers Cathay General Bancorp (NASDAQ:CATY) to Hold

Cathay General Bancorp (NASDAQ:CATY) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a report released on Monday, April 2nd.

A number of other research analysts also recently commented on CATY. BMO Capital Markets reissued a “hold” rating and set a $46.00 target price on shares of Cathay General Bancorp in a research report on Wednesday, December 20th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $44.00 price target on shares of Cathay General Bancorp in a report on Friday, December 22nd. BidaskClub cut shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Friday, December 29th. Sandler O’Neill restated a “hold” rating and issued a $45.00 price target on shares of Cathay General Bancorp in a report on Thursday, January 4th. Finally, Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. Cathay General Bancorp presently has an average rating of “Hold” and an average price target of $44.75.

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Shares of CATY traded down $0.47 during midday trading on Monday, hitting $39.23. The stock had a trading volume of 347,163 shares, compared to its average volume of 348,081. The company has a market cap of $3,207.69, a P/E ratio of 15.95, a P/E/G ratio of 1.56 and a beta of 1.38. Cathay General Bancorp has a 1 year low of $34.00 and a 1 year high of $45.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33.



Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Tuesday, January 30th. The bank reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.02). The company had revenue of $143.51 million during the quarter, compared to analysts’ expectations of $139.43 million. Cathay General Bancorp had a return on equity of 10.46% and a net margin of 28.74%. The company’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 EPS. analysts predict that Cathay General Bancorp will post 3.17 earnings per share for the current fiscal year.

In related news, Vice Chairman Peter Wu sold 33,045 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $44.36, for a total value of $1,465,876.20. Following the completion of the sale, the insider now owns 12,976 shares of the company’s stock, valued at approximately $575,615.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dunson K. Cheng sold 20,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $41.92, for a total transaction of $838,400.00. Following the completion of the sale, the insider now directly owns 97,124 shares of the company’s stock, valued at approximately $4,071,438.08. The disclosure for this sale can be found here. Insiders have sold a total of 56,845 shares of company stock valued at $2,474,174 over the last three months. 5.76% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Crossmark Global Holdings Inc. acquired a new stake in Cathay General Bancorp during the 3rd quarter worth $223,000. Russell Investments Group Ltd. boosted its stake in Cathay General Bancorp by 141.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 97,096 shares of the bank’s stock worth $3,904,000 after purchasing an additional 56,890 shares during the last quarter. Macquarie Group Ltd. acquired a new stake in Cathay General Bancorp during the 3rd quarter worth $482,000. Legal & General Group Plc boosted its stake in Cathay General Bancorp by 11.4% during the 3rd quarter. Legal & General Group Plc now owns 65,988 shares of the bank’s stock worth $2,656,000 after purchasing an additional 6,764 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Cathay General Bancorp by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 716,926 shares of the bank’s stock worth $28,834,000 after purchasing an additional 40,412 shares during the last quarter. 67.91% of the stock is owned by institutional investors.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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