Zacks Investment Research upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $42.00 target price on the stock.
According to Zacks, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei. “
Cathay General Bancorp (NASDAQ:CATY) opened at 38.40 on Tuesday. The company has a market cap of $3.03 billion, a PE ratio of 18.38 and a beta of 1.19. Cathay General Bancorp has a one year low of $25.62 and a one year high of $38.61. The stock has a 50 day moving average of $35.45 and a 200 day moving average of $31.41.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, October 19th. The company reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.01. Cathay General Bancorp had a net margin of 32.24% and a return on equity of 9.58%. During the same period in the previous year, the firm earned $0.47 EPS. On average, analysts anticipate that Cathay General Bancorp will post $2.19 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Thursday, December 1st were issued a $0.21 dividend. The ex-dividend date was Tuesday, November 29th. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.18. This represents a $0.84 dividend on an annualized basis and a yield of 2.19%. Cathay General Bancorp’s payout ratio is currently 40.00%.
In related news, insider Dunson K. Cheng sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $36.07, for a total value of $721,400.00. Following the transaction, the insider now directly owns 263,907 shares of the company’s stock, valued at approximately $9,519,125.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Anthony M. Tang sold 32,340 shares of the business’s stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $36.03, for a total value of $1,165,210.20. Following the completion of the transaction, the insider now directly owns 350,000 shares in the company, valued at $12,610,500. The disclosure for this sale can be found here. 6.36% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of CATY. BNP Paribas Arbitrage SA boosted its position in Cathay General Bancorp by 55,673.3% in the second quarter. BNP Paribas Arbitrage SA now owns 33,464 shares of the company’s stock worth $944,000 after buying an additional 33,404 shares in the last quarter. GW&K Investment Management LLC boosted its position in Cathay General Bancorp by 23.7% in the second quarter. GW&K Investment Management LLC now owns 1,299,255 shares of the company’s stock worth $36,639,000 after buying an additional 249,153 shares in the last quarter. LS Investment Advisors LLC boosted its position in Cathay General Bancorp by 73.1% in the second quarter. LS Investment Advisors LLC now owns 4,415 shares of the company’s stock worth $125,000 after buying an additional 1,864 shares in the last quarter. Adams Diversified Equity Fund Inc. acquired a new position in Cathay General Bancorp during the second quarter worth approximately $330,000. Finally, Boston Advisors LLC acquired a new position in Cathay General Bancorp during the second quarter worth approximately $4,022,000. 67.21% of the stock is currently owned by institutional investors.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.