Cathay General Bancorp (CATY) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Cathay General Bancorp (NASDAQ:CATY) have been given an average rating of “Hold” by the eight analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $40.83.

Several equities research analysts recently weighed in on the stock. BidaskClub lowered shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Piper Jaffray Companies reiterated a “buy” rating and set a $43.00 price objective on shares of Cathay General Bancorp in a research note on Friday, October 6th. SunTrust Banks, Inc. assumed coverage on shares of Cathay General Bancorp in a research note on Friday, August 18th. They set a “hold” rating and a $39.00 price objective on the stock. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday. Finally, BMO Capital Markets reiterated a “buy” rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research note on Thursday, October 5th.

Cathay General Bancorp (NASDAQ:CATY) traded down 0.83% during mid-day trading on Friday, hitting $40.44. The stock had a trading volume of 159,218 shares. The company has a 50 day moving average price of $37.70 and a 200 day moving average price of $37.46. Cathay General Bancorp has a one year low of $28.84 and a one year high of $41.11. The stock has a market cap of $3.27 billion, a P/E ratio of 16.64 and a beta of 1.31.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data 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. The firm had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. During the same quarter in the prior year, the business earned $0.44 earnings per share. On average, equities analysts anticipate that Cathay General Bancorp will post $2.45 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cathay General Bancorp by 9.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after purchasing an additional 252 shares during the last quarter. Flinton Capital Management LLC grew its position in Cathay General Bancorp by 65.9% in the 2nd 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 during the last quarter. Riverhead Capital Management LLC grew its position in Cathay General Bancorp by 63.5% in the 2nd 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 during the last quarter. Oakbrook Investments LLC bought a new position in Cathay General Bancorp in the 2nd quarter worth about $211,000. Finally, Shelton Capital Management bought a new position in Cathay General Bancorp in the 2nd quarter worth about $215,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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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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