ValuEngine Downgrades Cathay General Bancorp (CATY) to Hold

ValuEngine lowered shares of Cathay General Bancorp (NASDAQ:CATY) from a buy rating to a hold rating in a report published on Monday morning.

CATY has been the subject of several other reports. BidaskClub lowered Cathay General Bancorp from a buy rating to a hold rating in a research report on Friday, December 29th. BMO Capital Markets reissued a hold rating and issued a $46.00 price target on shares of Cathay General Bancorp in a research report on Wednesday, December 20th. Keefe, Bruyette & Woods reissued a hold rating and issued a $44.00 price target on shares of Cathay General Bancorp in a research report on Friday, December 22nd. Piper Jaffray reissued a buy rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, January 9th. Finally, Zacks Investment Research raised Cathay General Bancorp from a hold rating to a buy rating and set a $47.00 price target for the company in a research report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $44.75.

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Shares of CATY traded down $0.87 during trading hours on Monday, hitting $39.30. The company had a trading volume of 115,362 shares, compared to its average volume of 350,850. The firm has a market cap of $3,239.02, a price-to-earnings ratio of 15.98, a PEG ratio of 1.58 and a beta of 1.38. 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 has a one year low of $34.00 and a one year high of $45.59.

Cathay General Bancorp (NASDAQ:CATY) last released 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 the consensus estimate 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 revenue was up 21.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. equities research analysts forecast that Cathay General Bancorp will post 3.17 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Thursday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.44%. The ex-dividend date was Wednesday, February 28th. Cathay General Bancorp’s dividend payout ratio is currently 39.02%.

In related news, insider Dunson K. Cheng sold 20,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $41.92, for a total transaction of $838,400.00. Following the transaction, the insider now directly owns 97,124 shares of the company’s stock, valued at approximately $4,071,438.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Peter Wu sold 33,045 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 12,976 shares in the company, valued at $575,615.36. The disclosure for this sale can be found here. Insiders have sold a total of 56,845 shares of company stock worth $2,474,174 over the last ninety days. 5.76% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in CATY. US Bancorp DE increased its holdings in shares of Cathay General Bancorp by 641.8% in the fourth quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock valued at $134,000 after purchasing an additional 2,747 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Cathay General Bancorp by 202.8% in the fourth quarter. Meeder Asset Management Inc. now owns 3,852 shares of the bank’s stock valued at $162,000 after purchasing an additional 2,580 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Cathay General Bancorp by 51.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock valued at $194,000 after purchasing an additional 1,569 shares during the period. Allianz Asset Management GmbH acquired a new position in shares of Cathay General Bancorp in the third quarter valued at about $206,000. Finally, Narus Financial Partners LLC acquired a new position in shares of Cathay General Bancorp in the third quarter valued at about $207,000. 67.91% of the stock is currently owned by institutional investors.

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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); 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.

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

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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