Zacks: Analysts Anticipate Cathay General Bancorp (CATY) to Post $0.60 Earnings Per Share
Wall Street brokerages forecast that Cathay General Bancorp (NASDAQ:CATY) will announce earnings of $0.60 per share for the current fiscal quarter, according to Zacks. Three analysts have provided 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 posted earnings per share of $0.58 in the same quarter last year, which indicates a positive year-over-year growth rate of 3.4%. The business is expected to issue its next earnings results after the market closes on Wednesday, October 25th.
According to Zacks, analysts expect that Cathay General Bancorp will report full year earnings of $2.46 per share for the current year, with EPS estimates ranging from $2.43 to $2.49. For the next financial year, analysts expect that the company will report 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 research analysts that follow Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last released 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. The firm had revenue of $123.50 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the company earned $0.44 EPS.
CATY has been the topic of a number of research reports. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Wedbush reissued a “neutral” rating and issued a $39.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Piper Jaffray Companies reissued a “buy” rating and issued a $42.00 target price on shares of Cathay General Bancorp in a research note on Wednesday, July 12th. Royal Bank Of Canada raised their price target on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, July 20th. Finally, Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “strong-buy” rating and set a $44.00 price target for the company in a report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $40.86.
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Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 40.61 on Friday. The stock’s 50 day moving average is $36.91 and its 200 day moving average is $37.33. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $41.11. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of 16.71 and a beta of 1.31.
The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, September 1st were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Wednesday, August 30th. Cathay General Bancorp’s payout ratio is 34.57%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lenox Wealth Advisors Inc. acquired a new stake in Cathay General Bancorp during the 3rd quarter valued at $1,380,000. Koch Industries Inc. grew its holdings in Cathay General Bancorp by 6,239.0% during the 2nd quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock valued at $402,000 after purchasing an additional 406,471 shares in the last quarter. 1st Global Advisors Inc. grew its holdings in Cathay General Bancorp by 3.1% during the 2nd quarter. 1st Global Advisors Inc. now owns 12,757 shares of the bank’s stock valued at $484,000 after purchasing an additional 379 shares in the last quarter. Sterling Capital Management LLC grew its holdings in Cathay General Bancorp by 6.9% during the 2nd quarter. Sterling Capital Management LLC now owns 38,214 shares of the bank’s stock valued at $1,450,000 after purchasing an additional 2,471 shares in the last quarter. Finally, Nomura Holdings Inc. grew its holdings in Cathay General Bancorp by 31.4% during the 2nd quarter. Nomura Holdings Inc. now owns 9,289 shares of the bank’s stock valued at $354,000 after purchasing an additional 2,222 shares in the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.
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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