Cathay General Bancorp (NASDAQ:CATY) to Post FY2024 Earnings of $4.08 Per Share, DA Davidson Forecasts

Cathay General Bancorp (NASDAQ:CATY) – DA Davidson lifted their FY2024 EPS estimates for shares of Cathay General Bancorp in a report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the bank will post earnings of $4.08 per share for the year, up from their prior estimate of $4.06. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.00 per share.

Other equities research analysts have also issued research reports about the stock. Truist Financial dropped their price objective on shares of Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus target price of $38.20.

Cathay General Bancorp Trading Up 3.9 %

Shares of CATY opened at $36.00 on Friday. Cathay General Bancorp has a 1-year low of $27.24 and a 1-year high of $45.72. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $38.06 and its 200-day moving average price is $38.75. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 7.41 and a beta of 1.12.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, January 24th. The bank reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.15. The firm had revenue of $205.24 million for the quarter, compared to analyst estimates of $197.95 million. Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Wednesday, February 28th were given a dividend of $0.34 per share. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.78%. Cathay General Bancorp’s dividend payout ratio (DPR) is 27.98%.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the completion of the sale, the insider now directly owns 204,500 shares in the company, valued at $8,885,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cathay General Bancorp

A number of hedge funds have recently modified their holdings of CATY. PNC Financial Services Group Inc. boosted its position in shares of Cathay General Bancorp by 29.3% in the first quarter. PNC Financial Services Group Inc. now owns 12,156 shares of the bank’s stock worth $543,000 after purchasing an additional 2,754 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Cathay General Bancorp by 8.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,762 shares of the bank’s stock worth $1,242,000 after purchasing an additional 2,159 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of Cathay General Bancorp by 8.8% in the first quarter. Great West Life Assurance Co. Can now owns 43,851 shares of the bank’s stock worth $2,014,000 after purchasing an additional 3,548 shares during the period. Yousif Capital Management LLC boosted its position in shares of Cathay General Bancorp by 1.7% in the first quarter. Yousif Capital Management LLC now owns 40,851 shares of the bank’s stock worth $1,828,000 after purchasing an additional 666 shares during the period. Finally, Aviva PLC bought a new position in shares of Cathay General Bancorp in the first quarter worth approximately $2,136,000. 75.01% of the stock is currently owned by institutional investors.

About Cathay General Bancorp

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.