Cathay General Bancorp's (CATY) Buy (B-) Rating Reiterated at Weiss Ratings

Key Points

• Cathay General Bancorp's stock received a reiterated "buy (B-)" rating from Weiss Ratings, highlighting investor confidence.
• Consensus analyst rating for Cathay General Bancorp is "Hold," with an average target price set at $50.17.
• The company reported earnings of $1.10 per share for the latest quarter, meeting analysts’ expectations and reflecting a 10.1% year-over-year revenue increase.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report)'s stock had its "buy (b-)" rating reiterated by analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other brokerages have also issued reports on CATY. Stephens lowered shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price target on the stock. in a report on Monday, August 4th. Wall Street Zen cut Cathay General Bancorp from a "hold" rating to a "sell" rating in a research note on Friday, September 26th. DA Davidson boosted their price target on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the stock 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $50.17.

Cathay General Bancorp Stock Performance

CATY stock remained flat at $48.89 during trading on Wednesday. The company had a trading volume of 268,287 shares, compared to its average volume of 423,173. The stock has a 50-day moving average of $48.24 and a 200-day moving average of $45.22. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a 52 week low of $36.06 and a 52 week high of $55.29. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 11.81 and a beta of 0.94.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 earnings per share for the quarter, meeting analysts' consensus estimates 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 prior year, the firm posted $0.97 earnings per share. The business's quarterly revenue was up 10.1% compared to the same quarter last year. Sell-side analysts expect that Cathay General Bancorp will post 4.47 EPS for the current year.

Institutional Investors Weigh In On Cathay General Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. boosted its position in shares of Cathay General Bancorp by 5,438.5% in the second quarter. Hantz Financial Services Inc. now owns 720 shares of the bank's stock worth $33,000 after purchasing an additional 707 shares during the period. Meeder Asset Management Inc. purchased a new position in Cathay General Bancorp in the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd increased its position in Cathay General Bancorp by 174.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,201 shares of the bank's stock valued at $52,000 after acquiring an additional 764 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Cathay General Bancorp by 319.7% during the second quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank's stock valued at $78,000 after buying an additional 1,298 shares during the period. Finally, GAMMA Investing LLC grew its position in Cathay General Bancorp by 19.8% in the 2nd quarter. GAMMA Investing LLC now owns 2,423 shares of the bank's stock valued at $110,000 after acquiring an additional 400 shares during the last quarter. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

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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