Q4 2017 EPS Estimates for Cathay General Bancorp (CATY) Raised by DA Davidson
Cathay General Bancorp (NASDAQ:CATY) – Equities researchers at DA Davidson raised their Q4 2017 earnings per share (EPS) estimates for Cathay General Bancorp in a research note issued to investors on Thursday. DA Davidson analyst G. Tenner now forecasts that the bank will earn $0.63 per share for the quarter, up from their previous forecast of $0.61. DA Davidson also issued estimates for Cathay General Bancorp’s FY2018 earnings at $2.66 EPS.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $123.50 million during the quarter, compared to analysts’ expectations of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.65%. During the same quarter in the prior year, the business earned $0.44 earnings per share.
Several other research analysts have also commented on CATY. Royal Bank Of Canada boosted their price objective on Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday. BidaskClub lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Piper Jaffray Companies reissued a “buy” rating and set a $42.00 price objective on shares of Cathay General Bancorp in a report on Wednesday, July 12th. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Friday, April 21st. Finally, Wedbush reissued a “neutral” rating and set a $39.00 price objective on shares of Cathay General Bancorp in a report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Cathay General Bancorp has an average rating of “Hold” and an average target price of $40.20.
Cathay General Bancorp (CATY) traded down 0.31% on Friday, hitting $38.26. 273,413 shares of the stock were exchanged. The company has a 50-day moving average price of $37.66 and a 200-day moving average price of $37.77. The firm has a market cap of $3.05 billion, a PE ratio of 17.16 and a beta of 1.28. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $40.83.
Hedge funds have recently added to or reduced their stakes in the company. Karp Capital Management Corp purchased a new stake in Cathay General Bancorp during the first quarter worth $526,000. Retirement Systems of Alabama increased its stake in Cathay General Bancorp by 0.9% in the first quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock worth $3,641,000 after buying an additional 862 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Cathay General Bancorp by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the bank’s stock worth $712,000 after buying an additional 600 shares during the last quarter. Allianz Asset Management AG purchased a new stake in Cathay General Bancorp during the fourth quarter worth $231,000. Finally, ClariVest Asset Management LLC increased its stake in Cathay General Bancorp by 160.6% in the first quarter. ClariVest Asset Management LLC now owns 159,500 shares of the bank’s stock worth $6,010,000 after buying an additional 98,300 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.
In related news, Vice Chairman Anthony M. Tang sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $38.01, for a total value of $1,900,500.00. Following the completion of the sale, the insider now owns 301,400 shares in the company, valued at approximately $11,456,214. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.76% of the company’s stock.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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