Cathay General Bancorp (CATY) Stock Rating Reaffirmed by Piper Jaffray Companies

Cathay General Bancorp (NASDAQ:CATY)‘s stock had its “buy” rating restated by research analysts at Piper Jaffray Companies in a research note issued on Friday. They presently have a $43.00 price objective on the bank’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 5.70% from the stock’s previous close.

Several other research firms have also commented on CATY. BMO Capital Markets reaffirmed a “buy” rating and set a $44.00 target price on shares of Cathay General Bancorp in a report on Thursday. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $37.00 target price on shares of Cathay General Bancorp in a report on Tuesday, July 25th. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “strong-buy” rating and set a $44.00 target price on the stock in a report on Friday, July 21st. Finally, Royal Bank Of Canada raised their target price on Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $40.86.

Cathay General Bancorp (CATY) opened at 40.68 on Friday. The stock’s 50 day moving average price is $37.07 and its 200-day moving average price is $37.34. The stock has a market capitalization of $3.29 billion, a PE ratio of 16.74 and a beta of 1.31. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $41.11.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. The firm had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same period last year, the company earned $0.44 earnings per share. On average, equities analysts expect that Cathay General Bancorp will post $2.45 EPS for the current fiscal year.

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Hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Cathay General Bancorp by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after purchasing an additional 252 shares in the last quarter. Flinton Capital Management LLC boosted its position in Cathay General Bancorp by 65.9% during the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after purchasing an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC boosted its position in Cathay General Bancorp by 63.5% during the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock worth $149,000 after purchasing an additional 1,524 shares in the last quarter. Oakbrook Investments LLC purchased a new position in Cathay General Bancorp during the second quarter worth approximately $211,000. Finally, Shelton Capital Management purchased a new position in Cathay General Bancorp during the second quarter worth approximately $215,000. Institutional investors own 67.78% 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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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