Cathay General Bancorp (CATY) Expected to Post Earnings of $0.63 Per Share

Brokerages expect Cathay General Bancorp (NASDAQ:CATY) to report $0.63 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Cathay General Bancorp’s earnings, with the highest EPS estimate coming in at $0.65 and the lowest estimate coming in at $0.61. Cathay General Bancorp reported earnings of $0.60 per share during the same quarter last year, which indicates a positive year over year growth rate of 5%. The business is scheduled to report its next quarterly earnings report after the market closes on Tuesday, January 30th.

According to Zacks, analysts expect that Cathay General Bancorp will report full-year earnings of $2.49 per share for the current fiscal year, with EPS estimates ranging from $2.47 to $2.51. For the next fiscal year, analysts forecast that the business will report earnings of $2.86 per share, with EPS estimates ranging from $2.67 to $3.06. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Cathay General Bancorp.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $146.20 million for the quarter, compared to analyst estimates of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. Cathay General Bancorp’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.58 earnings per share.

Several research analysts have recently weighed in on CATY shares. BMO Capital Markets upped their target price on Cathay General Bancorp from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Monday, October 30th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $51.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research note on Friday, December 22nd. Finally, Sandler O’Neill reaffirmed a “hold” rating and set a $45.00 target price on shares of Cathay General Bancorp in a research note on Thursday, January 4th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Cathay General Bancorp has a consensus rating of “Hold” and an average price target of $44.50.

Cathay General Bancorp (CATY) opened at $45.12 on Tuesday. Cathay General Bancorp has a twelve month low of $34.00 and a twelve month high of $45.54. The stock has a market capitalization of $3,618.31, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 1.96 and a beta of 1.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05.

In other news, COO Irwin Wong sold 10,000 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total transaction of $431,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dunson K. Cheng sold 50,000 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $42.45, for a total value of $2,122,500.00. Following the transaction, the insider now owns 119,591 shares of the company’s stock, valued at $5,076,637.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,059 shares of company stock valued at $2,807,978. Company insiders own 5.76% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Schroder Investment Management Group raised its position in Cathay General Bancorp by 17.6% in the 2nd quarter. Schroder Investment Management Group now owns 19,400 shares of the bank’s stock valued at $739,000 after purchasing an additional 2,900 shares in the last quarter. Wells Fargo & Company MN raised its position in Cathay General Bancorp by 4.1% in the 2nd quarter. Wells Fargo & Company MN now owns 119,825 shares of the bank’s stock valued at $4,547,000 after purchasing an additional 4,727 shares in the last quarter. Alliancebernstein L.P. raised its position in Cathay General Bancorp by 9.6% in the 2nd quarter. Alliancebernstein L.P. now owns 279,779 shares of the bank’s stock valued at $10,618,000 after purchasing an additional 24,470 shares in the last quarter. Riverhead Capital Management LLC raised its position in Cathay General Bancorp by 63.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after purchasing an additional 1,524 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Cathay General Bancorp by 1.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 364,248 shares of the bank’s stock valued at $13,823,000 after purchasing an additional 5,751 shares in the last quarter. Institutional investors own 67.51% of the company’s stock.

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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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