Cathay General Bancorp (CATY) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of Cathay General Bancorp (NASDAQ:CATY) have earned an average recommendation of “Hold” from the ten ratings firms that are presently covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $45.13.
CATY has been the topic of several research analyst reports. BMO Capital Markets reiterated a “hold” rating and set a $46.00 price target on shares of Cathay General Bancorp in a research note on Wednesday, December 20th. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Monday, October 30th. Piper Jaffray Companies reiterated a “buy” rating and set a $51.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. Sandler O’Neill reiterated a “hold” rating and set a $45.00 price target on shares of Cathay General Bancorp in a research note on Thursday, January 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 price target on shares of Cathay General Bancorp in a research note on Friday, December 22nd.
Cathay General Bancorp (NASDAQ:CATY) traded up $0.95 during trading on Friday, reaching $42.75. The company’s stock had a trading volume of 243,796 shares, compared to its average volume of 346,519. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33. The stock has a market cap of $3,377.30, a P/E ratio of 16.70, a PEG ratio of 1.66 and a beta of 1.38. Cathay General Bancorp has a twelve month low of $34.00 and a twelve month high of $45.59.
In other news, Vice Chairman Peter Wu sold 33,045 shares of the company’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $44.36, for a total value of $1,465,876.20. Following the sale, the insider now owns 12,976 shares in the company, valued at $575,615.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Irwin Wong sold 6,059 shares of the company’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $42.00, for a total value of $254,478.00. The disclosure for this sale can be found here. Insiders sold 102,904 shares of company stock worth $4,443,752 in the last 90 days. Company insiders own 5.76% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its holdings in Cathay General Bancorp by 641.8% in the 4th quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock worth $134,000 after purchasing an additional 2,747 shares during the period. Flinton Capital Management LLC raised its holdings in Cathay General Bancorp by 65.9% in the 2nd quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after purchasing an additional 1,424 shares during the period. Meeder Asset Management Inc. raised its holdings in Cathay General Bancorp by 202.8% in the 4th quarter. Meeder Asset Management Inc. now owns 3,852 shares of the bank’s stock worth $162,000 after purchasing an additional 2,580 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cathay General Bancorp by 51.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock worth $194,000 after purchasing an additional 1,569 shares during the period. Finally, Allianz Asset Management GmbH acquired a new position in Cathay General Bancorp in the 3rd quarter worth about $206,000. 67.66% of the stock is owned by institutional investors.
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Cathay General Bancorp Company Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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