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Cathay General Bancorp (CATY) Gets a Buy Rating from Wedbush

In a report released today, David Chiaverini from Wedbush maintained a Buy rating on Cathay General Bancorp (CATYResearch Report), with a price target of $48.00. The company’s shares closed last Monday at $41.51.

According to TipRanks.com, Chiaverini is a 4-star analyst with an average return of 8.3% and a 44.8% success rate. Chiaverini covers the Financial sector, focusing on stocks such as Pacific Premier Bancorp, Valley National Bancorp, and Svb Financial Group.

Currently, the analyst consensus on Cathay General Bancorp is a Moderate Buy with an average price target of $45.33.

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Based on Cathay General Bancorp’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $179 million and net profit of $75.03 million. In comparison, last year the company earned revenue of $152 million and had a net profit of $73.38 million.

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Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration 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 company was founded in 1962 and is headquartered in Los Angeles, CA.

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