Equities Analysts Offer Predictions for Cathay General Bancorp’s Q1 2018 Earnings (CATY)
Cathay General Bancorp (NASDAQ:CATY) – Equities researchers at Wedbush boosted their Q1 2018 EPS estimates for shares of Cathay General Bancorp in a research report issued on Thursday. Wedbush analyst D. Chiaverini now anticipates that the bank will earn $0.65 per share for the quarter, up from their prior forecast of $0.62. Wedbush currently has a “Neutral” rating and a $39.00 target price on the stock. Wedbush also issued estimates for Cathay General Bancorp’s Q2 2018 earnings at $0.67 EPS, Q3 2018 earnings at $0.68 EPS and Q4 2018 earnings at $0.70 EPS.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $123.50 million during the quarter, compared to the consensus estimate of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. During the same period last year, the firm earned $0.44 EPS.
CATY has been the subject of several other reports. BidaskClub lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Zacks Investment Research lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Keefe, Bruyette & Woods set a $37.00 target price on shares of Cathay General Bancorp and gave the company a “hold” rating in a research report on Monday, May 22nd. Royal Bank Of Canada boosted their target price on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Piper Jaffray Companies restated a “buy” rating and set a $42.00 target price on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $41.00.
Cathay General Bancorp (NASDAQ:CATY) opened at 38.20 on Monday. The company has a 50-day moving average of $37.66 and a 200 day moving average of $37.77. The company has a market capitalization of $3.05 billion, a P/E ratio of 15.72 and a beta of 1.28. Cathay General Bancorp has a 12-month low of $28.84 and a 12-month high of $40.83.
Several institutional investors have recently bought and sold shares of the company. Oakbrook Investments LLC purchased a new position in Cathay General Bancorp during the second quarter worth $211,000. LS Investment Advisors LLC raised its position in Cathay General Bancorp by 19.0% in the second quarter. LS Investment Advisors LLC now owns 5,935 shares of the bank’s stock worth $225,000 after buying an additional 946 shares during the last quarter. Oxford Asset Management purchased a new position in Cathay General Bancorp during the first quarter worth $224,000. Russell Investments Group Ltd. purchased a new position in Cathay General Bancorp during the fourth quarter worth $230,000. Finally, Allianz Asset Management AG purchased a new position in Cathay General Bancorp during the fourth quarter worth $231,000. Institutional investors and hedge funds own 68.08% of the company’s stock.
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $38.01, for a total value of $1,900,500.00. Following the completion of the transaction, the insider now directly owns 301,400 shares in the company, valued at $11,456,214. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.76% of the company’s stock.
Cathay General Bancorp Company Profile
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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