Cathay General Bancorp (CATY) Upgraded to “Buy” at Zacks Investment Research
Cathay General Bancorp (NASDAQ:CATY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $46.00 price target on the bank’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.80% from the stock’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. “
Other equities analysts have also issued reports about the stock. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $42.00 price objective on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. BMO Capital Markets reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research report on Thursday, October 5th. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $37.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. Finally, SunTrust Banks, Inc. started coverage on shares of Cathay General Bancorp in a research report on Friday, August 18th. They issued a “hold” rating and a $39.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $41.57.
Cathay General Bancorp (NASDAQ CATY) traded down 0.54% on Wednesday, hitting $40.78. 284,198 shares of the stock traded hands. The company has a market capitalization of $3.29 billion, a PE ratio of 16.78 and a beta of 1.31. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $41.11. The firm has a 50-day moving average price of $37.40 and a 200-day moving average price of $37.41.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data 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 firm had revenue of $123.50 million during the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. During the same period last year, the firm posted $0.44 EPS. Analysts forecast that Cathay General Bancorp will post $2.45 earnings per share for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cathay General Bancorp by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after buying an additional 252 shares during the last quarter. Flinton Capital Management LLC raised its position in Cathay General Bancorp by 65.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after buying an additional 1,424 shares during the last quarter. Riverhead Capital Management LLC raised its position in Cathay General Bancorp by 63.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock worth $149,000 after buying an additional 1,524 shares during the last quarter. Oakbrook Investments LLC purchased a new position in Cathay General Bancorp during the 2nd quarter worth approximately $211,000. Finally, Shelton Capital Management purchased a new position in Cathay General Bancorp during the 2nd quarter worth approximately $215,000. 67.78% of the stock is owned by institutional investors.
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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