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.
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.
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