Cathay General Bancorp (CATY) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a buy rating in a report issued on Wednesday morning. They currently have $46.00 target price on the bank’s stock.
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. “
CATY has been the topic of a number of other reports. BidaskClub raised Cathay General Bancorp from a sell rating to a hold rating in a report on Monday, July 3rd. BMO Capital Markets reaffirmed a buy rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a report on Thursday, October 5th. Royal Bank Of Canada increased 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. Piper Jaffray Companies reissued a buy rating and set a $42.00 target price on shares of Cathay General Bancorp in a report on Wednesday, July 12th. Finally, SunTrust Banks, Inc. started coverage on Cathay General Bancorp in a report on Friday, August 18th. They set a hold rating and a $39.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $41.57.
Cathay General Bancorp (CATY) traded down 0.40% during midday trading on Wednesday, reaching $40.28. 332,223 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $37.84 and a 200 day moving average price of $37.49. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $41.11. The company has a market cap of $3.25 billion, a P/E ratio of 16.58 and a beta of 1.31.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. The firm had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. During the same period in the prior year, the firm posted $0.44 EPS. On average, equities analysts anticipate that Cathay General Bancorp will post $2.45 EPS for the current year.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lenox Wealth Advisors Inc. acquired a new stake in shares of Cathay General Bancorp during the 3rd quarter worth $1,380,000. Koch Industries Inc. grew its holdings in shares of Cathay General Bancorp by 6,239.0% during the 2nd quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock worth $402,000 after purchasing an additional 406,471 shares in the last quarter. 1st Global Advisors Inc. grew its holdings in shares of Cathay General Bancorp by 3.1% during the 2nd quarter. 1st Global Advisors Inc. now owns 12,757 shares of the bank’s stock worth $484,000 after purchasing an additional 379 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Cathay General Bancorp by 6.9% during the 2nd quarter. Sterling Capital Management LLC now owns 38,214 shares of the bank’s stock worth $1,450,000 after purchasing an additional 2,471 shares in the last quarter. Finally, Nomura Holdings Inc. grew its holdings in shares of Cathay General Bancorp by 31.4% during the 2nd quarter. Nomura Holdings Inc. now owns 9,289 shares of the bank’s stock worth $354,000 after purchasing an additional 2,222 shares in the last quarter. 67.78% 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.
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