Cathay General Bancorp (NASDAQ: CATY) demoted to “Hold” at Zacks Investment Research
According to Zacks, “Cathay General Bancorp is the holding company at a bank of 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, the subsidiaries of Cathay Bank, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each have an office in Taipei.
Separately, DA Davidson reaffirmed a “neutral” rating on Cathay General Bancorp shares in a research note on Wednesday, July 28.
CATY traded up $ 0.08 at midday Monday, reaching $ 39.26. 198,809 shares were traded, for an average volume of 340,035. The company has a leverage ratio of 0.07, a current ratio of 1.05 and a rapid ratio of 1.05. The stock has a market cap of $ 3.07 billion, a PE ratio of 11.25 and a beta of 1.50. The company has a 50-day moving average of $ 38.72. Cathay General Bancorp has a one-year low at $ 20.59 and a one-year high at $ 45.19.
Cathay General Bancorp (NASDAQ: CATY) last released its results on Sunday, July 25. The bank announced EPS of $ 0.97 for the quarter, beating the Zacks’ consensus estimate of $ 0.83 of $ 0.14. Cathay General Bancorp recorded a return on equity of 11.47% and a net margin of 39.05%. On average, equity research analysts expect Cathay General Bancorp to post earnings per share of 3.69 for the current fiscal year.
Several hedge funds and other institutional investors recently changed their holdings to CATY. Holocene Advisors LP increased its holdings of shares of Cathay General Bancorp by 1,325.1% during the first quarter. Holocene Advisors LP now owns 631,684 shares of the bank valued at $ 25,760,000 after purchasing an additional 587,358 shares in the last quarter. Citadel Advisors LLC increased its stake in Cathay General Bancorp by 68.0% in the first quarter. Citadel Advisors LLC now owns 1,053,754 shares of the bank worth $ 42,972,000 after purchasing an additional 426,495 shares in the last quarter. Amundi acquired a new stake in Cathay General Bancorp in the second quarter for approximately $ 15,353,000. BlackRock Inc. increased its stake in Cathay General Bancorp by 3.2% in the first quarter. BlackRock Inc. now owns 9,438,671 shares of the bank valued at $ 384,910,000 after purchasing an additional 289,294 shares during the last quarter. Finally, FMR LLC increased its stake in Cathay General Bancorp by 19.6% in the second quarter. FMR LLC now owns 1,549,096 shares of the bank valued at $ 60,972,000 after purchasing an additional 253,749 shares last quarter. 65.30% of the capital is held by institutional investors.
About Cathay General Bancorp
Cathay General Bancorp is a holding company which provides financial services. It offers commercial mortgages, business loans, small business administration loans, residential mortgages, real estate construction loans, home equity lines of credit and personal installment loans for expenses. automobiles, housework and other consumer expenses.
Read more: What is a Real Estate Investment Trust (REIT)?
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
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