Cathay General Bancorp (NASDAQ:CATY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $46.00 target price on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.80% from the company’s previous close.
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. “
Several other analysts have also commented on CATY. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Wedbush reaffirmed a “neutral” rating and issued a $39.00 price objective on shares of Cathay General Bancorp in a report on Tuesday, June 27th. Piper Jaffray Companies reissued a “buy” rating and set a $42.00 price target on shares of Cathay General Bancorp in a report on Wednesday, July 12th. Royal Bank Of Canada boosted their price target on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, July 20th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $37.00 price target on shares of Cathay General Bancorp in a report on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $41.57.
Shares of Cathay General Bancorp (CATY) traded down 0.54% during trading on Wednesday, hitting $40.78. 284,198 shares of the stock traded hands. The company has a 50-day moving average of $37.40 and a 200-day moving average of $37.41. Cathay General Bancorp has a 52 week low of $28.84 and a 52 week high of $41.11. The firm has a market cap of $3.29 billion, a P/E ratio of 16.78 and a beta of 1.31.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. The company had revenue of $123.50 million during the quarter, compared to analyst estimates of $129.10 million. During the same quarter in the previous year, the company posted $0.44 earnings per share. On average, analysts forecast that Cathay General Bancorp will post $2.45 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after acquiring an additional 252 shares in the last quarter. Flinton Capital Management LLC lifted its position in shares of Cathay General Bancorp by 65.9% in the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC lifted its position in shares of Cathay General Bancorp by 63.5% in the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after acquiring an additional 1,524 shares in the last quarter. Oakbrook Investments LLC purchased a new position in shares of Cathay General Bancorp in the second quarter valued at about $211,000. Finally, Shelton Capital Management purchased a new position in shares of Cathay General Bancorp in the second quarter valued at about $215,000. Institutional investors and hedge funds own 67.78% of the company’s stock.
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.
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