Sterne Agee Remains Neutral On Cathay General Bancorp (CATY)
Sterne Agee reiterated Cathay General Bancorp's (NASDAQ: CATY) rating of Neutral in a research report published today.
In the report, Sterne Agee states, "Our thesis has been conservative on CATY given the MOU, longer timeline to repay TARP, and lower reported PPI on a ROA basis (1.5% in 4Q10) vis-à-vis some peers. For those anticipating more rapid improvement in underlying CRE trends we have considered CATY an appropriate name given leverage to improving credit quality fundamentals, particularly in hotel and retail-oriented credits."
Cathay General Bancorp shares were trading at $17.24 at the time of publication, up 6.29% from Monday's market close.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.