Stock On Watch: What’s Ahead for Cathay General Bancorp After Making 52-Week High?

Stock On Watch: What's Ahead for Cathay General Bancorp After Making 52 Week High?

The stock of Cathay General Bancorp (NASDAQ:CATY) hit a new 52-week high and has $37.70 target or 4.00% above today’s $36.25 share price. The 8 months bullish chart indicates low risk for the $2.88 billion company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $37.70 price target is reached, the company will be worth $115.20 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 143,040 shares traded hands. Cathay General Bancorp (NASDAQ:CATY) has risen 15.30% since April 22, 2016 and is uptrending. It has outperformed by 9.89% the S&P500.

Analysts await Cathay General Bancorp (NASDAQ:CATY) to report earnings on January, 18. They expect $0.61 EPS, up 19.61% or $0.10 from last year’s $0.51 per share. CATY’s profit will be $48.46 million for 14.86 P/E if the $0.61 EPS becomes a reality. After $0.58 actual EPS reported by Cathay General Bancorp for the previous quarter, Wall Street now forecasts 5.17% EPS growth.

Cathay General Bancorp (NASDAQ:CATY) Ratings Coverage

Out of 3 analysts covering Cathay Bancorp (NASDAQ:CATY), 1 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 33% are positive. Cathay Bancorp has been the topic of 4 analyst reports since July 22, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets on Thursday, January 21 with “Outperform”. Wood maintained the stock with “Market Perform” rating in Monday, July 11 report. DA Davidson maintained the shares of CATY in a report on Thursday, April 21 with “Neutral” rating. The firm has “Outperform” rating by RBC Capital Markets given on Wednesday, July 22.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment decreased to 1.06 in Q2 2016. Its down 0.08, from 1.14 in 2016Q1. The ratio worsened, as 11 funds sold all Cathay General Bancorp shares owned while 65 reduced positions. 22 funds bought stakes while 65 increased positions. They now own 50.44 million shares or 3.51% less from 52.27 million shares in 2016Q1.
Moreover, Trexquant Inv Limited Partnership has 0.06% invested in Cathay General Bancorp (NASDAQ:CATY) for 14,850 shares. Oregon Public Employees Retirement Fund last reported 25,212 shares in the company. Panagora Asset Management holds 0.07% or 518,915 shares in its portfolio. Geode Cap Mgmt Limited Liability Corp holds 0.01% or 533,701 shares in its portfolio. Cornerstone Holdg Ltd Liability Corp last reported 18,000 shares in the company. Bnp Paribas Arbitrage Sa owns 33,464 shares or 0% of their US portfolio. Aqr Capital Management Ltd Company last reported 0.01% of its portfolio in the stock. Airain Limited has 11,582 shares for 0.02% of their US portfolio. Commerce Bancorp holds 19,330 shares or 0.01% of its portfolio. The Pennsylvania-based Vanguard Grp Inc has invested 0.01% in Cathay General Bancorp (NASDAQ:CATY). Millennium Limited Liability Corporation last reported 0.01% of its portfolio in the stock. Ubs Asset Mngmt Americas owns 52,712 shares or 0% of their US portfolio. Eagle Asset Mngmt Inc has 342,368 shares for 0.07% of their US portfolio. Quantbot L P last reported 6,664 shares in the company. Northern Tru last reported 2.05 million shares in the company.

Insider Transactions: Since August 30, 2016, the stock had 0 insider purchases, and 5 sales for $5.33 million net activity. Another trade for 40,000 shares valued at $1.42M was sold by CHENG DUNSON K. CHEN HENG W had sold 44,000 shares worth $1.55M. 30,000 shares were sold by WU PETER, worth $939,042.

More notable recent Cathay General Bancorp (NASDAQ:CATY) news were published by: Prnewswire.com which released: “Cathay General Bancorp Announces Retirement of Dunson K. Cheng and Appointment …” on August 19, 2016, also Prnewswire.com with their article: “Cathay General Bancorp Announces Agreement To Acquire SinoPac Bancorp” published on July 08, 2016, Nasdaq.com published: “Cathay General Bancorp Reaches Analyst Target Price” on November 11, 2016. More interesting news about Cathay General Bancorp (NASDAQ:CATY) were released by: Nasdaq.com and their article: “Ex-Dividend Reminder: Cathay General Bancorp, Safety Insurance Group and …” published on August 26, 2016 as well as Reuters.com‘s news article titled: “BRIEF-Cathay General Bancorp announces Q3 EPS of $0.58” with publication date: October 19, 2016.

CATY Company Profile

Cathay General Bancorp, incorporated on March 1, 1990, is a bank holding company. The Firm 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. The Firm also owns the common stock of over five statutory business trusts created for issuing capital securities.

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