Cathay General Bancorp (NASDAQ:CATY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Friday. The firm presently has a $44.00 price target on the bank’s stock. Zacks Investment Research‘s price target suggests a potential upside of 15.18% 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 research firms have also recently commented on CATY. Piper Jaffray Companies reduced their target price on Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, April 17th. BidaskClub cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Royal Bank Of Canada increased their target price on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday. Keefe, Bruyette & Woods set a $36.00 target price on Cathay General Bancorp and gave the company a “hold” rating in a research note on Monday, April 3rd. Finally, Wedbush reiterated a “neutral” rating and set a $39.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Cathay General Bancorp currently has an average rating of “Buy” and an average target price of $41.00.

Shares of Cathay General Bancorp (CATY) traded down 0.47% during mid-day trading on Friday, hitting $38.20. 590,038 shares of the stock traded hands. Cathay General Bancorp has a one year low of $28.84 and a one year high of $40.83. The stock has a 50-day moving average of $37.66 and a 200 day moving average of $37.77. The stock has a market cap of $3.05 billion, a PE ratio of 17.13 and a beta of 1.28.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $123.50 million during the quarter, compared to analysts’ expectations of $129.10 million. Cathay General Bancorp had a return on equity of 10.65% and a net margin of 35.30%. During the same period in the prior year, the business posted $0.44 EPS. Equities analysts predict that Cathay General Bancorp will post $2.44 EPS for the current fiscal year.

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In related news, Vice Chairman Anthony M. Tang sold 50,000 shares of the firm’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $38.01, for a total transaction of $1,900,500.00. Following the transaction, the insider now directly owns 301,400 shares in the company, valued at $11,456,214. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 5.76% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Oakbrook Investments LLC purchased a new position in shares of Cathay General Bancorp during the second quarter valued at about $211,000. Oxford Asset Management bought a new stake in Cathay General Bancorp during the first quarter worth about $224,000. LS Investment Advisors LLC boosted its stake in Cathay General Bancorp by 19.0% in the second quarter. LS Investment Advisors LLC now owns 5,935 shares of the bank’s stock worth $225,000 after buying an additional 946 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Cathay General Bancorp during the fourth quarter worth about $230,000. Finally, Allianz Asset Management AG bought a new stake in Cathay General Bancorp during the fourth quarter worth about $231,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.

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