Cathay General Bancorp (NASDAQ:CATY) has been upgraded to Hold in a statement by Zacks Investment Research earlier today.
- Updated: November 29, 2016
Zacks Investment Research has upgraded Cathay General Bancorp (NASDAQ:CATY) to Hold in a statement released on 11/29/2016.
Previously on 1/21/2016, RBC Capital Markets reported on Cathay General Bancorp (NASDAQ:CATY) lowered the target price from $36.00 to $33.00. At the time, this indicated a possible upside of 0.22%.
Yesterday Cathay General Bancorp (NASDAQ:CATY) traded -0.37% lower at $35.23. The company’s 50-day moving average is $31.95 and its 200-day moving average is $30.53. The last closing price is up 15.39% from the 200-day moving average, compared to the S&P 500 which has decreased -0.03% over the same period. Volume of trade was up over the average, with 462,370 shares of CATY changing hands over the typical 372,638
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Cathay General Bancorp has a 52 week low of $25.62 and a 52 week high of $36.35 with a P/E ratio of 16.86 CATY’s total market value is presently $0.
A total of 6 brokers have issued a report on Cathay General Bancorp. zero brokerages rating the stock a strong buy, 3 brokerages rating the company a buy, three analysts rating the company a hold, zero analysts rating the company a underperform, and finally zero equity analysts rating the company a sell with a one year target of $32.75.
Brief Synopsis About Cathay General Bancorp (NASDAQ:CATY)
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp. It also owns the common stock of over five statutory business trusts created for issuing capital securities. The Bank primarily services individuals, professionals and small to medium-sized businesses in the local markets and provides commercial mortgage loans, commercial loans, small business administration (SBA) loans, residential mortgage loans, real estate construction loans, home equity lines of credit and installment loans to individuals for automobile, household and other consumer expenditures. The Bank offers passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.
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