Analysts Issue Forecasts for Cathay General Bancorp’s Q2 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for Cathay General Bancorp in a research note issued to investors on Tuesday, April 23rd. DA Davidson analyst G. Tenner expects that the bank will post earnings of $1.04 per share for the quarter. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.00 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2024 earnings at $4.15 EPS.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.04). The company had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.16%. During the same period in the previous year, the firm earned $1.32 EPS.

Several other research analysts have also recently weighed in on CATY. Truist Financial cut their price objective on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. StockNews.com lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Wedbush reiterated an “outperform” rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday. Finally, Keefe, Bruyette & Woods decreased their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Cathay General Bancorp presently has an average rating of “Hold” and an average price target of $39.40.

Cathay General Bancorp Stock Up 1.8 %

Shares of NASDAQ:CATY opened at $35.53 on Wednesday. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 7.86 and a beta of 1.12. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.25. Cathay General Bancorp has a 12-month low of $27.24 and a 12-month high of $45.72. The business’s 50 day moving average is $37.83 and its 200 day moving average is $38.81.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were paid a $0.34 dividend. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a yield of 3.83%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Insiders Place Their Bets

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $43.45, for a total value of $304,150.00. Following the completion of the transaction, the insider now directly owns 204,500 shares in the company, valued at approximately $8,885,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Cathay General Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the company. New Mexico Educational Retirement Board purchased a new stake in Cathay General Bancorp during the 1st quarter valued at about $586,000. Vanguard Group Inc. lifted its holdings in Cathay General Bancorp by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after buying an additional 196,146 shares during the period. Willner & Heller LLC purchased a new stake in Cathay General Bancorp in the 4th quarter worth approximately $2,014,000. First Trust Advisors LP lifted its holdings in Cathay General Bancorp by 18.4% in the 4th quarter. First Trust Advisors LP now owns 861,364 shares of the bank’s stock worth $38,391,000 after buying an additional 133,852 shares during the period. Finally, Rafferty Asset Management LLC lifted its holdings in Cathay General Bancorp by 128.8% in the 4th quarter. Rafferty Asset Management LLC now owns 96,924 shares of the bank’s stock worth $4,320,000 after buying an additional 54,557 shares during the period. 75.01% of the stock is currently owned by hedge funds and other 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.