BMO Capital Markets Increases Cathay General Bancorp (CATY) Price Target to $45.00
Cathay General Bancorp (NASDAQ:CATY) had its price target upped by equities researchers at BMO Capital Markets from $44.00 to $45.00 in a research note issued to investors on Friday. The firm currently has an “outperform” rating on the bank’s stock. BMO Capital Markets’ price target points to a potential upside of 7.73% from the company’s current price.
A number of other brokerages have also recently weighed in on CATY. Zacks Investment Research cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday. Royal Bank Of Canada lifted their target price on Cathay General Bancorp from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, October 26th. Piper Jaffray Companies reiterated a “buy” rating and issued a $43.00 target price on shares of Cathay General Bancorp in a report on Friday, October 6th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $37.00 target price on shares of Cathay General Bancorp in a report on Tuesday, July 25th. Finally, BidaskClub cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $42.14.
Cathay General Bancorp (NASDAQ:CATY) traded down $0.47 during mid-day trading on Friday, hitting $41.77. The stock had a trading volume of 305,410 shares, compared to its average volume of 346,908. Cathay General Bancorp has a 1-year low of $28.87 and a 1-year high of $42.64. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $3,375.73, a PE ratio of 16.78, a price-to-earnings-growth ratio of 2.10 and a beta of 1.34.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The business had revenue of $146.20 million for the quarter, compared to analysts’ expectations of $135.27 million. During the same quarter last year, the firm earned $0.58 earnings per share. The business’s revenue was up 29.8% on a year-over-year basis. sell-side analysts forecast that Cathay General Bancorp will post 2.49 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA raised its position in Cathay General Bancorp by 8.4% in the third quarter. BNP Paribas Arbitrage SA now owns 40,851 shares of the bank’s stock valued at $1,642,000 after purchasing an additional 3,152 shares during the period. Prudential Financial Inc. raised its position in Cathay General Bancorp by 4.6% in the third quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock valued at $49,860,000 after purchasing an additional 54,780 shares during the period. IndexIQ Advisors LLC raised its position in Cathay General Bancorp by 83.3% in the third quarter. IndexIQ Advisors LLC now owns 23,004 shares of the bank’s stock valued at $925,000 after purchasing an additional 10,457 shares during the period. Stevens Capital Management LP raised its position in Cathay General Bancorp by 152.7% in the third quarter. Stevens Capital Management LP now owns 43,914 shares of the bank’s stock valued at $1,765,000 after purchasing an additional 26,535 shares during the period. Finally, Chicago Equity Partners LLC raised its position in Cathay General Bancorp by 6.6% in the third quarter. Chicago Equity Partners LLC now owns 93,690 shares of the bank’s stock valued at $3,766,000 after purchasing an additional 5,815 shares during the period. 68.05% of the stock is currently 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.
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.