Analysts Anticipate Cathay General Bancorp (NASDAQ:CATY) Will Post Quarterly Sales of $138.05 Million
Wall Street analysts predict that Cathay General Bancorp (NASDAQ:CATY) will post sales of $138.05 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Cathay General Bancorp’s earnings. The highest sales estimate is $139.00 million and the lowest is $137.10 million. Cathay General Bancorp posted sales of $112.64 million in the same quarter last year, which suggests a positive year-over-year growth rate of 22.6%. The business is scheduled to report its next quarterly earnings results on Wednesday, October 18th.
According to Zacks, analysts expect that Cathay General Bancorp will report full year sales of $138.05 million for the current financial year, with estimates ranging from $518.30 million to $525.00 million. For the next fiscal year, analysts forecast that the company will post sales of $590.40 million per share, with estimates ranging from $575.80 million to $605.00 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. The company had revenue of $123.50 million during the quarter, compared to analysts’ expectations of $129.10 million. During the same quarter last year, the company posted $0.44 EPS.
A number of equities research analysts recently weighed in on CATY shares. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Thursday, June 1st. Keefe, Bruyette & Woods set a $36.00 price objective on shares of Cathay General Bancorp and gave the company a “hold” rating in a research note on Monday, April 3rd. Piper Jaffray Companies reduced their price objective on shares of Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating on the stock in a research note on Monday, April 17th. Wedbush reiterated a “neutral” rating and set a $39.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Finally, BidaskClub upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $41.00.
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of the firm’s stock in a transaction dated 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.76% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Karp Capital Management Corp bought a new stake in Cathay General Bancorp during the first quarter valued at approximately $526,000. Retirement Systems of Alabama boosted 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 period. Louisiana State Employees Retirement System boosted 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 period. Allianz Asset Management AG acquired a new stake in Cathay General Bancorp during the fourth quarter worth about $231,000. Finally, ClariVest Asset Management LLC boosted 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 period. Institutional investors and hedge funds own 68.08% of the company’s stock.
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Cathay General Bancorp (NASDAQ:CATY) traded down 1.38% during midday trading on Wednesday, hitting $38.50. 82,121 shares of the stock traded hands. The company has a market cap of $3.07 billion, a PE ratio of 15.84 and a beta of 1.28. Cathay General Bancorp has a one year low of $28.84 and a one year high of $40.83. The company’s 50-day moving average is $37.78 and its 200-day moving average is $37.76.
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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