DA Davidson Forecasts Strong Price Appreciation for Cathay General Bancorp (NASDAQ:CATY) Stock

Cathay General Bancorp (NASDAQ:CATY) had its target price hoisted by investment analysts at DA Davidson from $51.00 to $52.00 in a report issued on Thursday, MarketBeat.com reports. The firm currently has a “neutral” rating on the bank’s stock. DA Davidson’s price objective would suggest a potential upside of 10.78% from the stock’s current price. DA Davidson also issued estimates for Cathay General Bancorp’s FY2025 earnings at $4.49 EPS and FY2026 earnings at $5.20 EPS.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cathay General Bancorp in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods boosted their price objective on shares of Cathay General Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a research report on Wednesday. Wall Street Zen raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, Stephens cut shares of Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a research report on Monday, August 4th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and a consensus price target of $50.60.

Cathay General Bancorp Trading Up 1.7%

Shares of NASDAQ CATY opened at $46.94 on Thursday. The company’s fifty day moving average is $48.54 and its 200-day moving average is $45.71. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of 10.84 and a beta of 0.94. Cathay General Bancorp has a twelve month low of $36.06 and a twelve month high of $55.29. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.11.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Tuesday, October 21st. The bank reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.02). The firm had revenue of $210.61 million for the quarter, compared to the consensus estimate of $202.71 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 22.26%.During the same period in the prior year, the business earned $0.94 earnings per share. Equities research analysts predict that Cathay General Bancorp will post 4.47 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. New York State Teachers Retirement System grew its stake in Cathay General Bancorp by 2.5% in the 3rd quarter. New York State Teachers Retirement System now owns 122,591 shares of the bank’s stock valued at $5,886,000 after buying an additional 3,038 shares during the last quarter. SG Americas Securities LLC grew its stake in Cathay General Bancorp by 389.1% in the 3rd quarter. SG Americas Securities LLC now owns 58,995 shares of the bank’s stock valued at $2,832,000 after buying an additional 46,932 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in Cathay General Bancorp in the 3rd quarter valued at about $43,000. Moody Aldrich Partners LLC grew its stake in Cathay General Bancorp by 96.7% in the 3rd quarter. Moody Aldrich Partners LLC now owns 81,799 shares of the bank’s stock valued at $3,927,000 after buying an additional 40,214 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in Cathay General Bancorp by 6.9% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 40,237 shares of the bank’s stock valued at $1,932,000 after buying an additional 2,600 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

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.