StockNews.com Upgrades Cathay General Bancorp (NASDAQ:CATY) to “Hold”

Cathay General Bancorp (NASDAQ:CATY) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Tuesday.

CATY has been the topic of a number of other reports. Wedbush reaffirmed an “outperform” rating and issued a $44.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods dropped their price target on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 23rd. Finally, Truist Financial dropped their price target on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $39.00.

Cathay General Bancorp Price Performance

CATY opened at $37.92 on Tuesday. The stock has a fifty day moving average of $36.68 and a 200-day moving average of $38.54. The firm has a market capitalization of $2.76 billion, a P/E ratio of 8.39 and a beta of 1.13. Cathay General Bancorp has a 12-month low of $32.08 and a 12-month high of $45.72. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The business had revenue of $339.25 million during the quarter, compared to analysts’ expectations of $188.85 million. During the same quarter in the previous year, the company earned $1.32 EPS. Equities analysts forecast that Cathay General Bancorp will post 3.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Cathay General Bancorp

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC acquired a new position in Cathay General Bancorp during the fourth quarter worth $51,000. CWM LLC grew its position in shares of Cathay General Bancorp by 168.6% in the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after purchasing an additional 794 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after purchasing an additional 523 shares during the last quarter. TFO Wealth Partners LLC grew its position in shares of Cathay General Bancorp by 22,160.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after purchasing an additional 4,432 shares during the last quarter. Finally, Headlands Technologies LLC grew its position in shares of Cathay General Bancorp by 12,039.0% in the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock valued at $188,000 after purchasing an additional 4,936 shares during the last quarter. 75.01% of the stock is 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.