Cathay General Bancorp (NASDAQ:CATY) Given New $52.00 Price Target at DA Davidson

Key Points

• DA Davidson has raised its price target for Cathay General Bancorp from $51.00 to $52.00, indicating a potential upside of 12.05% from the current stock price.
• Multiple analysts have differing ratings for the bank's stock, with two "Buy," three "Hold," and one "Sell" rating, resulting in a consensus target price of $50.60.
• Cathay General Bancorp reported quarterly earnings of $1.13 per share, slightly missing estimates, while revenue reached $210.61 million, exceeding expectations.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) had its price target hoisted by stock analysts at DA Davidson from $51.00 to $52.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. DA Davidson's price target suggests a potential upside of 12.05% from the company's current price.

Other analysts have also issued research reports about the company. Stephens lowered Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price target for the company. in a report on Monday, August 4th. Wall Street Zen upgraded Cathay General Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, October 11th. Keefe, Bruyette & Woods upped their target price on Cathay General Bancorp from $53.00 to $55.00 and gave the stock a "market perform" rating in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cathay General Bancorp in a report on Wednesday, October 8th. Two research 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $50.60.

Cathay General Bancorp Stock Performance

Cathay General Bancorp stock traded up $0.24 during mid-day trading on Thursday, reaching $46.41. 98,885 shares of the company's stock were exchanged, compared to its average volume of 414,125. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19. The business's fifty day simple moving average is $48.59 and its 200 day simple moving average is $45.59. Cathay General Bancorp has a one year low of $36.06 and a one year high of $55.29. The firm has a market capitalization of $3.21 billion, a PE ratio of 10.73 and a beta of 0.94.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Tuesday, October 21st. The bank reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.15 by ($0.02). The company had revenue of $210.61 million for the quarter, compared to the consensus estimate of $202.71 million. Cathay General Bancorp had a net margin of 22.26% and a return on equity of 10.64%. During the same quarter in the previous year, the firm posted $0.94 earnings per share. On average, sell-side analysts expect that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Institutional Trading of Cathay General Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in Cathay General Bancorp by 3.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank's stock valued at $127,807,000 after acquiring an additional 108,672 shares during the period. Invesco Ltd. grew its position in Cathay General Bancorp by 3.8% during the 1st quarter. Invesco Ltd. now owns 1,577,657 shares of the bank's stock worth $67,887,000 after acquiring an additional 58,215 shares during the last quarter. Norges Bank bought a new stake in Cathay General Bancorp during the 2nd quarter worth approximately $36,348,000. Wellington Management Group LLP acquired a new stake in shares of Cathay General Bancorp in the 1st quarter valued at $25,856,000. Finally, Nuveen LLC bought a new position in shares of Cathay General Bancorp in the 1st quarter worth $23,188,000. Institutional investors and hedge funds 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.

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