Cathay General Bancorp (CATY) : Traders are bullish on Cathay General Bancorp (CATY) as it has outperformed the S&P 500 by a wide margin of 1.79% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 1.61%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 1.57% in the last 1 week, and is up 2.18% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
Cathay General Bancorp is up 3.5% in the last 3-month period. Year-to-Date the stock performance stands at 0.14%. The stock has recorded a 20-day Moving Average of 2.05% and the 50-Day Moving Average is 5.52%.
Cathay General Bancorp (NASDAQ:CATY): The stock opened at $31.06 on Friday but the bulls could not build on the opening and the stock topped out at $31.12 for the day. The stock traded down to $30.77 during the day, due to lack of any buying support eventually closed down at $30.98 with a loss of -0.29% for the day. The stock had closed at $31.07 on the previous day. The total traded volume was 386,614 shares.
Also, In the latest statement by the brokerage house, Keefe Bruyette & Woods maintains its outlook on Cathay General Bancorp (NASDAQ:CATY). The current rating of the shares is Market Perform, according to the research report released by the firm. The brokerage firm raises the price target from $31 per share to $32 per share. The rating by the firm was issued on July 11, 2016.
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.