Cathay General Bancorp (CATY) Price Target Increased to $51.00 by Analysts at BMO Capital Markets

Cathay General Bancorp (NASDAQ:CATY) had its price objective lifted by BMO Capital Markets to $51.00 in a research report issued on Wednesday. The firm presently has a “market perform” rating on the bank’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 21.63% from the company’s previous close.

CATY has been the topic of several other research reports. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research note on Monday, October 30th. Piper Jaffray Companies reiterated a “buy” rating and set a $51.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. Sandler O’Neill reiterated a “hold” rating and set a $45.00 price target on shares of Cathay General Bancorp in a research note on Thursday, January 4th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $44.00 price target on shares of Cathay General Bancorp in a research note on Friday, December 22nd. Finally, Royal Bank of Canada lifted their price target on shares of Cathay General Bancorp from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, October 26th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $45.13.

Cathay General Bancorp (NASDAQ CATY) opened at $41.93 on Wednesday. The firm has a market cap of $3,566.59, a price-to-earnings ratio of 19.23, a PEG ratio of 1.75 and a beta of 1.38. Cathay General Bancorp has a one year low of $34.00 and a one year high of $45.59. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.04 and a current ratio of 1.04.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Tuesday, January 30th. The bank reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.02). The business had revenue of $143.51 million for the quarter, compared to analysts’ expectations of $139.43 million. Cathay General Bancorp had a return on equity of 10.47% and a net margin of 28.74%. The company’s revenue was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 EPS. equities research analysts forecast that Cathay General Bancorp will post 3.15 earnings per share for the current fiscal year.

In related news, insider Dunson K. Cheng sold 50,000 shares of Cathay General Bancorp stock in a transaction on Monday, December 11th. The shares were sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the transaction, the insider now owns 119,591 shares in the company, valued at approximately $5,076,637.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kim R. Bingham sold 3,800 shares of Cathay General Bancorp stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $44.71, for a total transaction of $169,898.00. Following the transaction, the executive vice president now owns 21,803 shares in the company, valued at approximately $974,812.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 69,859 shares of company stock worth $2,977,876. 5.76% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. US Bancorp DE lifted its stake in Cathay General Bancorp by 641.8% in the 4th quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock worth $134,000 after purchasing an additional 2,747 shares in the last quarter. Flinton Capital Management LLC lifted its stake 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 in the last quarter. Meeder Asset Management Inc. lifted its stake in Cathay General Bancorp by 202.8% in the 4th quarter. Meeder Asset Management Inc. now owns 3,852 shares of the bank’s stock worth $162,000 after purchasing an additional 2,580 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cathay General Bancorp by 51.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock worth $194,000 after purchasing an additional 1,569 shares in the last quarter. Finally, Allianz Asset Management GmbH purchased a new stake in Cathay General Bancorp in the 3rd quarter worth $206,000. Institutional investors and hedge funds own 67.79% of the company’s stock.

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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.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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