Cathay General Bancorp (NASDAQ:CATY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $41.00 price target on the bank’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.69% from the stock’s current price.

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. “

Several other research analysts have also recently weighed in on the company. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Royal Bank Of Canada boosted their price target on Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 20th. Wedbush restated a “neutral” rating and issued a $39.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Piper Jaffray Companies restated a “buy” rating and issued a $43.00 price target on shares of Cathay General Bancorp in a research note on Friday, September 1st. Finally, Keefe, Bruyette & Woods set a $37.00 price target on Cathay General Bancorp and gave the stock a “hold” rating in a research note on Monday, May 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. Cathay General Bancorp has a consensus rating of “Hold” and a consensus target price of $40.33.

Cathay General Bancorp (NASDAQ:CATY) traded up 1.23% on Monday, hitting $37.04. The stock had a trading volume of 313,587 shares. Cathay General Bancorp has a 52 week low of $28.84 and a 52 week high of $40.83. The firm has a 50-day moving average of $35.98 and a 200 day moving average of $37.33. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 15.24 and a beta of 1.29.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.98% and a net margin of 41.63%. The firm had revenue of $123.50 million during the quarter, compared to analysts’ expectations of $129.10 million. During the same quarter in the previous year, the business earned $0.44 earnings per share. On average, analysts predict that Cathay General Bancorp will post $2.44 earnings per share for the current year.

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Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its holdings in Cathay General Bancorp by 17,138.1% during the first quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock valued at $299,791,000 after purchasing an additional 7,910,084 shares during the period. Balyasny Asset Management LLC grew its holdings in Cathay General Bancorp by 4,688.9% during the second quarter. Balyasny Asset Management LLC now owns 732,706 shares of the bank’s stock valued at $27,806,000 after purchasing an additional 717,406 shares during the period. Koch Industries Inc. grew its holdings in Cathay General Bancorp by 6,239.0% during the second quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock valued at $402,000 after purchasing an additional 406,471 shares during the period. Prudential Financial Inc. grew its holdings in Cathay General Bancorp by 60.1% during the first quarter. Prudential Financial Inc. now owns 963,409 shares of the bank’s stock valued at $36,301,000 after purchasing an additional 361,550 shares during the period. Finally, Northern Trust Corp grew its holdings in Cathay General Bancorp by 11.9% during the second quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock valued at $92,992,000 after purchasing an additional 261,148 shares during the period. 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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