Cathay General Bancorp (CATY) is Reiterated by DA Davidson to Neutral, Raises Price Target to $ 33

Cathay General Bancorp (CATY) was Reiterated by DA Davidson to “Neutral” according to the research note released today. The brokerage firm has raised the Price Target to $ 33 from a previous price target of $30 . DA Davidson advised their investors in a research report released on Apr 21, 2016.

On the company’s financial health, Cathay General Bancorp reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Apr 20, 2016. Analyst had a consensus of $0.52. The company had revenue of $109.91 million for the quarter, compared to analysts expectations of $109.82 million. The company’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 EPS.

Cathay General Bancorp opened for trading at $30.02 and hit $30.62 on the upside on Monday, eventually ending the session at $30.52, with a gain of 0.76% or 0.23 points. The heightened volatility saw the trading volume jump to 2,85,059 shares. Company has a market cap of $2,429 M.

In a different news, on Mar 10, 2016, Anthony M Tang (Vice Chairman) sold 50,000 shares at $27.79 per share price. According to the SEC, on Mar 7, 2016, Kelly L Chan (director) purchased 2,000 shares at $8.73 per share price. On Nov 25, 2015, Peter Wu (Vice Chairman) sold 42,230 shares at $34.32 per share price, according to the Form-4 filing with the securities and exchange commission.

Cathay General Company is a bank holding company. The Company operates through Cathay Bank a California state-chartered commercial bank (the Bank) seven limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner and GBC Venture Capital Inc. The Bank primarily services individuals professionals and small to medium-sized businesses in the local markets in which its branches are located and provides commercial mortgage loans commercial loans residential mortgage loans real estate construction loans home equity lines of credit and installment loans to individuals. It operates approximately 60 branches across California New York State Chicago Washington State Texas Maryland Massachusetts Nevada New Jersey Hong Kong Taipei and Shanghai. It offers deposit products including passbook accounts checking accounts college certificates of deposit and public funds deposits.

Cathay General Bancorp

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