Cathay General Bancorp (NASDAQ:CATY) Rating Increased to Hold at StockNews.com

Cathay General Bancorp (NASDAQ:CATY) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Tuesday.

Several other equities analysts have also issued reports on CATY. Keefe, Bruyette & Woods lowered their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a research report on Tuesday, April 23rd. Wedbush reissued an “outperform” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Finally, Truist Financial reduced their price target on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $39.00.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock traded up $0.62 during midday trading on Tuesday, hitting $36.94. 215,200 shares of the company’s stock were exchanged, compared to its average volume of 338,926. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a 50-day moving average price of $36.62 and a two-hundred day moving average price of $38.55. The company has a market cap of $2.69 billion, a P/E ratio of 8.17 and a beta of 1.13. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The business had revenue of $339.25 million during the quarter, compared to analysts’ expectations of $188.85 million. During the same period last year, the company posted $1.32 EPS. On average, equities research analysts forecast that Cathay General Bancorp will post 3.94 earnings per share for the current year.

Institutional Trading of Cathay General Bancorp

Large investors have recently added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC boosted its stake in shares of Cathay General Bancorp by 4.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock worth $281,000 after purchasing an additional 247 shares during the period. Bessemer Group Inc. raised its holdings in shares of Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after acquiring an additional 523 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in Cathay General Bancorp by 8.4% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,314 shares of the bank’s stock worth $352,000 after acquiring an additional 720 shares in the last quarter. Texas Permanent School Fund Corp increased its position in Cathay General Bancorp by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank’s stock valued at $2,405,000 after purchasing an additional 824 shares during the period. Finally, Alps Advisors Inc. raised its holdings in shares of Cathay General Bancorp by 11.5% in the 3rd quarter. Alps Advisors Inc. now owns 9,198 shares of the bank’s stock valued at $320,000 after purchasing an additional 952 shares in the last quarter. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Company Profile

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.