Cathay General Bancorp (NASDAQ:CATY) had its price objective raised by equities researchers at Royal Bank Of Canada from $35.00 to $43.00 in a note issued to investors on Thursday. The firm presently has an “outperform” rating on the bank’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 12.57% from the company’s previous close.
Several other research firms have also recently weighed in on CATY. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research note on Friday, April 21st. Piper Jaffray Companies cut their target price on Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, April 17th. BidaskClub cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Wedbush restated a “neutral” rating and set a $39.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $36.00 target price on Cathay General Bancorp and gave the stock a “hold” rating in a research note on Monday, April 3rd. One analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $41.00.
Cathay General Bancorp (NASDAQ CATY) opened at 38.20 on Thursday. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83. The firm has a 50-day moving average price of $37.66 and a 200 day moving average price of $37.77. The company has a market cap of $3.05 billion, a P/E ratio of 17.13 and a beta of 1.28.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $129.10 million. During the same period in the prior year, the company earned $0.44 earnings per share. On average, equities analysts expect that Cathay General Bancorp will post $2.44 earnings per share for the current year.
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In other news, Vice Chairman Anthony M. Tang sold 50,000 shares of the stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $38.01, for a total value of $1,900,500.00. Following the completion of the transaction, the insider now directly owns 301,400 shares in the company, valued at approximately $11,456,214. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.76% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in CATY. Oakbrook Investments LLC purchased a new position in shares of Cathay General Bancorp during the second quarter worth approximately $211,000. Oxford Asset Management purchased a new position in shares of Cathay General Bancorp during the first quarter worth approximately $224,000. LS Investment Advisors LLC boosted its position in shares of Cathay General Bancorp by 19.0% in the second quarter. LS Investment Advisors LLC now owns 5,935 shares of the bank’s stock worth $225,000 after buying an additional 946 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Cathay General Bancorp during the fourth quarter worth approximately $230,000. Finally, Allianz Asset Management AG purchased a new position in shares of Cathay General Bancorp during the fourth quarter worth approximately $231,000. Institutional investors own 68.11% 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.
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