Cathay General Bancorp Shares Gap Up After Earnings Beat (CATY)
Shares of Cathay General Bancorp (NASDAQ:CATY) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings, Analyst Ratings Network reports. The stock had previously closed at $25.73, but opened at $25.75. Cathay General Bancorp shares last traded at $26.01, with a volume of 277,795 shares.
The company reported $0.44 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.41 by $0.03. During the same quarter last year, the company posted $0.35 earnings per share.
Several analysts have recently commented on the stock. Analysts at RBC Capital raised their price target on shares of Cathay General Bancorp from $28.00 to $29.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Analysts at BMO Capital Markets raised their price target on shares of Cathay General Bancorp to $29.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $28.38.
The stock’s 50-day moving average is $25.57 and its 200-day moving average is $24.89. The company has a market cap of $2.086 billion and a P/E ratio of 16.94.
Cathay General Bancorp is a holding company of Cathay Bank, a California state-chartered commercial bank (NASDAQ:CATY), six limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner, and GBC Venture Capital, Inc The Bank owns 100% of the common stock of five statutory business trusts created for the purpose of issuing capital securities.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.