Zacks: Analysts Expect Cathay General Bancorp (CATY) to Post $0.60 EPS
Analysts expect Cathay General Bancorp (NASDAQ:CATY) to post earnings per share of $0.60 for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Cathay General Bancorp’s earnings. The highest EPS estimate is $0.64 and the lowest is $0.56. Cathay General Bancorp reported earnings per share of $0.58 during the same quarter last year, which suggests a positive year-over-year growth rate of 3.4%. The company is scheduled to issue its next quarterly earnings report after the market closes on Wednesday, October 25th.
On average, analysts expect that Cathay General Bancorp will report full year earnings of $2.47 per share for the current fiscal year, with EPS estimates ranging from $2.43 to $2.50. For the next financial year, analysts forecast that the company will report earnings of $2.67 per share, with EPS estimates ranging from $2.64 to $2.71. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for Cathay General Bancorp.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research cut shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. Piper Jaffray Companies reiterated a “buy” rating and set a $43.00 price target on shares of Cathay General Bancorp in a report on Friday, October 6th. BMO Capital Markets reiterated a “buy” rating and set a $44.00 price target on shares of Cathay General Bancorp in a report on Thursday, October 5th. SunTrust Banks, Inc. assumed coverage on shares of Cathay General Bancorp in a report on Friday, August 18th. They set a “hold” rating and a $39.00 price target on the stock. Finally, BidaskClub downgraded shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $41.57.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fox Run Management L.L.C. raised its position in Cathay General Bancorp by 85.4% in the third quarter. Fox Run Management L.L.C. now owns 15,200 shares of the bank’s stock worth $611,000 after acquiring an additional 7,000 shares during the period. APG Asset Management N.V. bought a new position in Cathay General Bancorp in the third quarter worth approximately $4,941,000. Alpha Windward LLC raised its position in Cathay General Bancorp by 1,755.3% in the third quarter. Alpha Windward LLC now owns 13,952 shares of the bank’s stock worth $561,000 after acquiring an additional 13,200 shares during the period. Lenox Wealth Advisors Inc. bought a new position in Cathay General Bancorp in the third quarter worth approximately $1,380,000. Finally, Koch Industries Inc. raised 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 worth $402,000 after acquiring an additional 406,471 shares during the period. Institutional investors and hedge funds own 67.92% of the company’s stock.
Cathay General Bancorp (NASDAQ:CATY) traded up 1.06% during trading on Tuesday, reaching $41.06. The company’s stock had a trading volume of 517,679 shares. The firm has a market cap of $3.32 billion, a PE ratio of 16.90 and a beta of 1.30. The company has a 50-day moving average of $38.81 and a 200 day moving average of $37.67. Cathay General Bancorp has a one year low of $28.84 and a one year high of $41.28.
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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