Cathay General Bancorp (NASDAQ:CATY) Upgraded to "Hold" at Wall Street Zen

Key Points

• Cathay General Bancorp has been upgraded from a "sell" to a "hold" rating by analysts at Wall Street Zen.
• The stock has seen mixed ratings among analysts, with a consensus price target of $50.17, positioning it as a hold in the market.
• Recent trading data shows CATY shares opened at $46.34 and have fluctuated between a 12-month low of $36.06 and a high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Several other equities research analysts have also issued reports on CATY. DA Davidson lifted 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. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cathay General Bancorp in a research note on Wednesday. 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 research note on Monday, August 4th. Finally, Keefe, Bruyette & Woods boosted their target price on Cathay General Bancorp from $51.00 to $52.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $50.17.

Cathay General Bancorp Trading Down 5.4%

Shares of CATY stock opened at $46.34 on Friday. 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 has a 50-day moving average price of $48.40 and a two-hundred day moving average price of $45.30. Cathay General Bancorp has a 12-month low of $36.06 and a 12-month high of $55.29. The firm has a market cap of $3.20 billion, a P/E ratio of 11.19 and a beta of 0.94.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.10. Cathay General Bancorp had a return on equity of 10.39% and a net margin of 21.44%.The firm had revenue of $196.61 million during the quarter, compared to analyst estimates of $197.04 million. During the same quarter in the previous year, the company posted $0.97 earnings per share. The company's revenue was up 10.1% compared to the same quarter last year. Equities analysts anticipate that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Cathay General Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of Cathay General Bancorp by 3.8% in the 1st 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 last quarter. Invesco Ltd. raised 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 valued at $67,887,000 after purchasing an additional 58,215 shares during the last quarter. Norges Bank bought a new position in Cathay General Bancorp during the 2nd quarter valued at approximately $36,348,000. Wellington Management Group LLP bought a new position in Cathay General Bancorp during the 1st quarter valued at approximately $25,856,000. Finally, Nuveen LLC bought a new position in Cathay General Bancorp during the 1st quarter valued at approximately $23,188,000. Institutional investors own 75.01% of the company's stock.

About Cathay General Bancorp

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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