Analysts at SunTrust Banks, Inc. initiated coverage on shares of Cathay General Bancorp (NASDAQ:CATY) in a research report issued on Friday. The firm set a “hold” rating and a $39.00 price target on the bank’s stock. SunTrust Banks, Inc.’s price objective indicates a potential upside of 11.52% from the stock’s current price.

Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Friday, April 21st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $37.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Wedbush reiterated a “neutral” rating and issued a $39.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $42.00 price target on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $40.67.

Shares of Cathay General Bancorp (NASDAQ CATY) opened at 34.97 on Friday. Cathay General Bancorp has a 1-year low of $28.84 and a 1-year high of $40.83. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 14.39 and a beta of 1.27. The stock has a 50 day moving average price of $37.36 and a 200-day moving average price of $37.74.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $123.50 million during 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 quarter last year, the business posted $0.44 earnings per share. Equities research analysts forecast that Cathay General Bancorp will post $2.44 earnings per share for the current year.

TRADEMARK VIOLATION WARNING: “Cathay General Bancorp (CATY) Receives New Coverage from Analysts at SunTrust Banks, Inc.” was reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this article on another domain, it was illegally copied and republished in violation of international copyright legislation. The correct version of this article can be accessed at https://www.thecerbatgem.com/2017/08/18/cathay-general-bancorp-caty-receives-new-coverage-from-analysts-at-suntrust-banks-inc.html.

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now 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 can be accessed through this link. 5.76% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after buying an additional 252 shares during the period. Flinton Capital Management LLC raised its position in shares of Cathay General Bancorp by 65.9% in the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after buying an additional 1,424 shares during the period. Riverhead Capital Management LLC raised its position in shares of Cathay General Bancorp by 63.5% in the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after buying an additional 1,524 shares during the period. Oakbrook Investments LLC acquired a new position in shares of Cathay General Bancorp during the second quarter valued at about $211,000. Finally, Shelton Capital Management acquired a new position in shares of Cathay General Bancorp during the second quarter valued at about $215,000. Institutional investors and hedge funds own 66.98% of the company’s stock.

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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

Receive News & Stock 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 stocks with our FREE daily email newsletter.