Zacks: Brokerages Expect Cathay General Bancorp (CATY) Will Announce Quarterly Sales of $141.83 Million

Analysts forecast that Cathay General Bancorp (NASDAQ:CATY) will report sales of $141.83 million for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Cathay General Bancorp’s earnings. The lowest sales estimate is $140.50 million and the highest is $143.10 million. Cathay General Bancorp reported sales of $118.83 million in the same quarter last year, which indicates a positive year over year growth rate of 19.4%. The company is scheduled to announce its next quarterly earnings report on Wednesday, April 18th.

On average, analysts expect that Cathay General Bancorp will report full-year sales of $141.83 million for the current financial year, with estimates ranging from $589.00 million to $603.20 million. For the next fiscal year, analysts expect that the company will report sales of $645.80 million per share, with estimates ranging from $640.20 million to $653.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Cathay General Bancorp.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Tuesday, January 30th. The bank reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.63 by ($0.02). The company had revenue of $143.51 million for the quarter, compared to analysts’ expectations of $139.43 million. Cathay General Bancorp had a net margin of 28.74% and a return on equity of 10.47%. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS.

CATY has been the subject of a number of recent analyst reports. 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 report on Monday, October 30th. BidaskClub lowered Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Friday, December 29th. BMO Capital Markets lifted their target price on Cathay General Bancorp from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Royal Bank of Canada lifted their target price on Cathay General Bancorp from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, October 26th. Finally, Sandler O’Neill reissued a “hold” rating and set a $45.00 price objective on shares of Cathay General Bancorp in a report on Thursday, January 4th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $45.13.

Cathay General Bancorp (NASDAQ:CATY) opened at $41.89 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $3,388.61, a PE ratio of 16.76, a price-to-earnings-growth ratio of 1.66 and a beta of 1.38. Cathay General Bancorp has a twelve month low of $34.00 and a twelve month high of $45.59.

In other news, insider Dunson K. Cheng sold 50,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 119,591 shares of the company’s stock, valued at $5,076,637.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Irwin Wong sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total value of $431,000.00. The disclosure for this sale can be found here. Insiders have sold 102,904 shares of company stock valued at $4,443,752 in the last three months. 5.76% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Cathay General Bancorp by 1.3% during the fourth quarter. BlackRock Inc. now owns 8,862,311 shares of the bank’s stock worth $373,722,000 after purchasing an additional 112,337 shares in the last quarter. State Street Corp boosted its stake in Cathay General Bancorp by 6.3% in the second quarter. State Street Corp now owns 3,810,885 shares of the bank’s stock worth $144,623,000 after buying an additional 227,348 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Cathay General Bancorp by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 1,469,247 shares of the bank’s stock worth $59,065,000 after buying an additional 7,251 shares in the last quarter. Prudential Financial Inc. boosted its stake in Cathay General Bancorp by 4.6% in the third quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock worth $49,860,000 after buying an additional 54,780 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Cathay General Bancorp by 2.5% in the third quarter. Ameriprise Financial Inc. now owns 971,119 shares of the bank’s stock worth $39,038,000 after buying an additional 23,732 shares in the last quarter. 67.79% of the stock is owned by institutional investors.

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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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Earnings History and Estimates for Cathay General Bancorp (NASDAQ:CATY)

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