Cathay General Bancorp (NASDAQ:CATY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei. “

A number of other research analysts have also recently commented on CATY. Keefe, Bruyette & Woods set a $37.00 price objective on Cathay General Bancorp and gave the stock a “hold” rating in a research note on Monday, May 22nd. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Wedbush reiterated a “neutral” rating and issued a $39.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Piper Jaffray Companies reiterated a “buy” rating and issued a $42.00 price target on shares of Cathay General Bancorp in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada boosted their price target on Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $40.83.

Shares of Cathay General Bancorp (CATY) opened at 36.59 on Thursday. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 15.06 and a beta of 1.29. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $40.83. The firm has a 50-day moving average price of $35.98 and a 200-day moving average price of $37.33.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The company had revenue of $123.50 million for the quarter, compared to analysts’ expectations of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Analysts predict that Cathay General Bancorp will post $2.44 EPS for the current fiscal year.

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Several large investors have recently added to or reduced their stakes in CATY. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after acquiring an additional 252 shares in the last quarter. Flinton Capital Management LLC lifted its stake in shares of Cathay General Bancorp by 65.9% in the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after acquiring an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in shares of Cathay General Bancorp by 63.5% in the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock worth $149,000 after acquiring an additional 1,524 shares in the last quarter. Oakbrook Investments LLC acquired a new position in shares of Cathay General Bancorp in the second quarter worth about $211,000. Finally, Shelton Capital Management acquired a new position in shares of Cathay General Bancorp in the second quarter worth about $215,000. Institutional investors and hedge funds own 67.80% of the company’s stock.

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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