Cathay General Bancorp (CATY) to Post FY2018 Earnings of $2.93 Per Share, Wedbush Forecasts
Cathay General Bancorp (NASDAQ:CATY) – Equities researchers at Wedbush raised their FY2018 EPS estimates for shares of Cathay General Bancorp in a research report issued to clients and investors on Thursday. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings of $2.93 per share for the year, up from their previous estimate of $2.70.
Other research analysts have also issued research reports about the stock. Sandler O’Neill reissued a “hold” rating and issued a $45.00 price objective on shares of Cathay General Bancorp in a research note on Thursday. BidaskClub lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Royal Bank of Canada lifted their price target on shares of Cathay General Bancorp from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, October 26th. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Wednesday, October 11th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $43.00 price target on shares of Cathay General Bancorp in a research note on Friday, October 6th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $43.50.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Cathay General Bancorp had a net margin of 33.87% and a return on equity of 10.60%. The business had revenue of $146.20 million during the quarter, compared to analysts’ expectations of $135.27 million. During the same period last year, the business earned $0.58 earnings per share. The business’s revenue for the quarter was up 29.8% on a year-over-year basis.
Several institutional investors have recently added to or reduced their stakes in CATY. OxFORD Asset Management LLP boosted its position in shares of Cathay General Bancorp by 84.2% in the 2nd quarter. OxFORD Asset Management LLP now owns 10,957 shares of the bank’s stock worth $416,000 after buying an additional 5,009 shares in the last quarter. Koch Industries Inc. lifted its holdings in Cathay General Bancorp by 6,239.0% in 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. Laurion Capital Management LP purchased a new position in Cathay General Bancorp in the 2nd quarter valued at about $687,000. JPMorgan Chase & Co. lifted its holdings in Cathay General Bancorp by 4.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 676,514 shares of the bank’s stock valued at $25,674,000 after purchasing an additional 25,728 shares in the last quarter. Finally, Prudential Financial Inc. lifted its holdings in Cathay General Bancorp by 4.6% in the 3rd quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock valued at $49,860,000 after purchasing an additional 54,780 shares in the last quarter. Institutional investors and hedge funds own 67.47% of the company’s stock.
In other Cathay General Bancorp news, COO Irwin Wong sold 6,059 shares of the business’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $42.00, for a total transaction of $254,478.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dunson K. Cheng sold 50,000 shares of the business’s stock in a transaction on Monday, December 11th. The stock was sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the sale, the insider now owns 119,591 shares in the company, valued at $5,076,637.95. The disclosure for this sale can be found here. Insiders sold a total of 66,059 shares of company stock worth $2,807,978 over the last ninety days. Corporate insiders own 5.76% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, December 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.28%. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.21. The ex-dividend date was Thursday, November 30th. Cathay General Bancorp’s payout ratio is presently 39.02%.
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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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