Keefe, Bruyette & Woods Increases Cathay General Bancorp (NASDAQ:CATY) Price Target to $55.00

Cathay General Bancorp (NASDAQ:CATY) had its price target boosted by Keefe, Bruyette & Woods from $53.00 to $55.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 19.20% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. DA Davidson boosted their price target on Cathay General Bancorp from $45.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Stephens lowered Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a research note on Monday, August 4th. Wall Street Zen raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Cathay General Bancorp in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and an average target price of $50.60.

Cathay General Bancorp Price Performance

Shares of CATY opened at $46.14 on Wednesday. Cathay General Bancorp has a twelve month low of $36.06 and a twelve month high of $55.29. The stock’s 50 day moving average is $48.55 and its two-hundred day moving average is $45.65. The firm has a market capitalization of $3.19 billion, a PE ratio of 10.66 and a beta of 0.94. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.11.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Tuesday, October 21st. The bank reported $1.13 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.02). The firm had revenue of $210.61 million for the quarter, compared to analysts’ expectations of $202.71 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 22.26%.During the same period last year, the firm earned $0.94 EPS. Research analysts anticipate that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC raised its position in shares of Cathay General Bancorp by 389.1% during the 3rd quarter. SG Americas Securities LLC now owns 58,995 shares of the bank’s stock worth $2,832,000 after purchasing an additional 46,932 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in Cathay General Bancorp in the 3rd quarter valued at $43,000. Moody Aldrich Partners LLC raised its holdings in Cathay General Bancorp by 96.7% in the 3rd quarter. Moody Aldrich Partners LLC now owns 81,799 shares of the bank’s stock valued at $3,927,000 after acquiring an additional 40,214 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Cathay General Bancorp by 6.9% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 40,237 shares of the bank’s stock valued at $1,932,000 after acquiring an additional 2,600 shares during the last quarter. Finally, CWM LLC raised its holdings in Cathay General Bancorp by 37.6% in the 3rd quarter. CWM LLC now owns 3,810 shares of the bank’s stock valued at $183,000 after acquiring an additional 1,041 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

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.