Cathay General Bancorp (CATY) PT Raised to $43.00 at Royal Bank Of Canada
Cathay General Bancorp (NASDAQ:CATY) had its price objective raised by equities researchers at Royal Bank Of Canada from $35.00 to $43.00 in a research note issued on Thursday. The firm presently has an “outperform” rating on the bank’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 14.79% from the company’s current price.
A number of other analysts have also recently commented on CATY. Keefe, Bruyette & Woods set a $36.00 price objective on Cathay General Bancorp and gave the company a “hold” rating in a research report on Monday, April 3rd. Piper Jaffray Companies reduced their price objective on Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday, April 17th. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Friday, April 21st. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Wedbush reiterated a “neutral” rating and set a $39.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Cathay General Bancorp presently has an average rating of “Hold” and an average price target of $40.20.
Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 37.46 on Thursday. The firm has a market cap of $2.99 billion, a PE ratio of 16.80 and a beta of 1.28. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83. The company’s 50 day moving average is $37.58 and its 200-day moving average is $37.76.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.02. Cathay General Bancorp had a return on equity of 9.83% and a net margin of 32.94%. During the same period in the previous year, the company earned $0.44 earnings per share. Equities research analysts predict that Cathay General Bancorp will post $2.40 EPS for the current year.
TRADEMARK VIOLATION WARNING: “Cathay General Bancorp (CATY) PT Raised to $43.00 at Royal Bank Of Canada” was originally reported by American Banking News and is the property of of American Banking News. If you are reading this news story on another site, it was illegally stolen and republished in violation of United States and international trademark and copyright legislation. The original version of this news story can be read at https://www.americanbankingnews.com/2017/07/20/cathay-general-bancorp-caty-pt-raised-to-43-00-at-royal-bank-of-canada.html.
In other news, Vice Chairman Anthony M. Tang sold 50,000 shares of the company’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $38.01, for a total value of $1,900,500.00. Following the completion of the transaction, the insider now owns 301,400 shares of the company’s stock, valued at $11,456,214. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.76% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its position in Cathay General Bancorp by 1.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 26,117 shares of the bank’s stock worth $984,000 after buying an additional 400 shares during the period. Hillcrest Asset Management LLC acquired a new position in Cathay General Bancorp during the first quarter worth $7,960,000. Russell Investments Group Ltd. raised its position in Cathay General Bancorp by 239.6% in the first quarter. Russell Investments Group Ltd. now owns 20,468 shares of the bank’s stock worth $771,000 after buying an additional 14,441 shares during the period. Retirement Systems of Alabama raised its position in Cathay General Bancorp by 0.9% in the first quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock worth $3,641,000 after buying an additional 862 shares during the period. Finally, Boston Advisors LLC raised its position in Cathay General Bancorp by 12.2% in the first quarter. Boston Advisors LLC now owns 153,005 shares of the bank’s stock worth $5,765,000 after buying an additional 16,660 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.
Cathay General Bancorp Company Profile
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.
Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.