Cathay General Bancorp (NASDAQ:CATY) Earns Buy Rating from Piper Jaffray Companies

Piper Jaffray Companies reiterated their buy rating on shares of Cathay General Bancorp (NASDAQ:CATY) in a report issued on Friday, October 6th. They currently have a $43.00 price objective on the bank’s stock.

A number of other equities analysts have also commented on the company. BMO Capital Markets reissued a buy rating and set a $44.00 price target on shares of Cathay General Bancorp in a research note on Thursday, October 5th. Zacks Investment Research raised Cathay General Bancorp from a hold rating to a buy rating and set a $41.00 price target for the company in a research note on Monday, September 18th. SunTrust Banks, Inc. began coverage on Cathay General Bancorp in a research note on Friday, August 18th. They set a hold rating and a $39.00 price target for the company. BidaskClub lowered Cathay General Bancorp from a sell rating to a strong sell rating in a research note on Saturday, August 12th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $37.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $41.57.

Cathay General Bancorp (NASDAQ CATY) opened at 40.69 on Friday. The firm has a market cap of $3.29 billion, a P/E ratio of 16.74 and a beta of 1.31. Cathay General Bancorp has a 52 week low of $28.84 and a 52 week high of $41.11. The firm’s 50-day moving average price is $38.28 and its 200 day moving average price is $37.55.

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 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 during the quarter, compared to analyst estimates of $129.10 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. Equities analysts forecast that Cathay General Bancorp will post $2.45 earnings per share for the current fiscal year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cathay General Bancorp by 9.1% during 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 period. Flinton Capital Management LLC boosted its position in Cathay General Bancorp by 65.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC boosted its position in Cathay General Bancorp by 63.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after acquiring an additional 1,524 shares in the last quarter. Oakbrook Investments LLC bought a new stake in Cathay General Bancorp during the 2nd quarter valued at $211,000. Finally, Shelton Capital Management bought a new stake in Cathay General Bancorp during the 2nd quarter valued at $215,000. Institutional investors own 67.82% 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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