Wedbush Comments on Cathay General Bancorp’s Q3 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Equities researchers at Wedbush raised their Q3 2024 EPS estimates for shares of Cathay General Bancorp in a research report issued to clients and investors on Monday, June 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings of $0.98 per share for the quarter, up from their previous estimate of $0.96. Wedbush currently has a “Outperform” rating and a $44.00 target price on the stock. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $3.94 per share. Wedbush also issued estimates for Cathay General Bancorp’s Q4 2024 earnings at $1.07 EPS, FY2024 earnings at $4.05 EPS, Q1 2025 earnings at $1.03 EPS, Q2 2025 earnings at $1.07 EPS, Q3 2025 earnings at $1.14 EPS, Q4 2025 earnings at $1.16 EPS and FY2025 earnings at $4.40 EPS.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 13.02% and a net margin of 24.41%. During the same quarter in the prior year, the company earned $1.32 EPS.

CATY has been the subject of several other reports. Keefe, Bruyette & Woods decreased their price target on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a research report on Tuesday, April 23rd. Truist Financial decreased their price target on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Finally, StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Cathay General Bancorp presently has an average rating of “Hold” and a consensus target price of $39.00.

Cathay General Bancorp Price Performance

Shares of CATY stock opened at $36.85 on Wednesday. The stock’s 50-day moving average is $36.27 and its 200 day moving average is $38.99. Cathay General Bancorp has a 1-year low of $31.47 and a 1-year high of $45.72. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.03. The company has a market cap of $2.68 billion, a P/E ratio of 8.15 and a beta of 1.13.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.69%. Cathay General Bancorp’s payout ratio is currently 30.09%.

Institutional Trading of Cathay General Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC acquired a new position in Cathay General Bancorp in the fourth quarter valued at approximately $51,000. Bessemer Group Inc. boosted its position in Cathay General Bancorp by 16.6% during the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after purchasing an additional 523 shares in the last quarter. Headlands Technologies LLC grew its holdings in Cathay General Bancorp by 12,039.0% in the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock valued at $188,000 after purchasing an additional 4,936 shares during the period. TFO Wealth Partners LLC increased its position in shares of Cathay General Bancorp by 22,160.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after buying an additional 4,432 shares in the last quarter. Finally, Sciencast Management LP acquired a new position in shares of Cathay General Bancorp during the 1st quarter worth approximately $206,000. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Company Profile

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.