$0.60 Earnings Per Share Expected for Cathay General Bancorp (CATY) This Quarter
Equities analysts expect that Cathay General Bancorp (NASDAQ:CATY) will report earnings per share (EPS) of $0.60 for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Cathay General Bancorp’s earnings, with the lowest EPS estimate coming in at $0.56 and the highest estimate coming in at $0.61. Cathay General Bancorp reported earnings per share of $0.58 during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.4%. The company is scheduled to report its next quarterly earnings report on Wednesday, October 18th.
According to Zacks, analysts expect that Cathay General Bancorp will report full year earnings of $2.46 per share for the current fiscal year, with EPS estimates ranging from $2.43 to $2.49. For the next year, analysts expect that the business will post earnings of $2.68 per share, with EPS estimates ranging from $2.64 to $2.71. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last announced 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 return on equity of 10.54% and a net margin of 35.30%. The business had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. During the same quarter in the prior year, the company posted $0.44 EPS.
Several analysts recently commented 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 objective on the stock in a research report on Thursday, June 1st. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Royal Bank Of Canada increased their price objective 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, July 20th. Wedbush reissued a “neutral” rating and set a $39.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $37.00 price objective on shares of Cathay General Bancorp and gave the company a “hold” rating in a research report on Monday, May 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Cathay General Bancorp presently has an average rating of “Hold” and a consensus price target of $40.67.
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $38.01, for a total transaction of $1,900,500.00. Following the transaction, the insider now owns 301,400 shares in the company, valued at approximately $11,456,214. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.76% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. Koch Industries Inc. boosted its position in Cathay General Bancorp by 6,239.0% in the second quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock valued at $402,000 after buying an additional 406,471 shares in the last quarter. 1st Global Advisors Inc. boosted its position in Cathay General Bancorp by 3.1% in the second quarter. 1st Global Advisors Inc. now owns 12,757 shares of the bank’s stock valued at $484,000 after buying an additional 379 shares in the last quarter. Sterling Capital Management LLC boosted its position in Cathay General Bancorp by 6.9% in the second quarter. Sterling Capital Management LLC now owns 38,214 shares of the bank’s stock valued at $1,450,000 after buying an additional 2,471 shares in the last quarter. Nomura Holdings Inc. boosted its position in Cathay General Bancorp by 31.4% in the second quarter. Nomura Holdings Inc. now owns 9,289 shares of the bank’s stock valued at $354,000 after buying an additional 2,222 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Cathay General Bancorp by 1.4% in the second quarter. The Manufacturers Life Insurance Company now owns 165,184 shares of the bank’s stock valued at $6,268,000 after buying an additional 2,317 shares in the last quarter. Institutional investors and hedge funds own 67.80% of the company’s stock.
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Shares of Cathay General Bancorp (NASDAQ:CATY) traded down 1.21% during trading on Tuesday, hitting $35.15. The stock had a trading volume of 427,314 shares. The company has a market cap of $2.84 billion, a PE ratio of 14.47 and a beta of 1.27. Cathay General Bancorp has a 12-month low of $28.84 and a 12-month high of $40.83. The stock’s 50 day moving average is $36.92 and its 200-day moving average is $37.67.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Wednesday, August 30th. Cathay General Bancorp’s dividend payout ratio is currently 34.57%.
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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