Cathay General Bancorp (NASDAQ:CATY) Forecasted to Post Q2 2024 Earnings of $1.03 Per Share

Cathay General Bancorp (NASDAQ:CATY) – Investment analysts at DA Davidson dropped their Q2 2024 earnings estimates for Cathay General Bancorp in a report released on Thursday, June 27th. DA Davidson analyst G. Tenner now expects that the bank will post earnings per share of $1.03 for the quarter, down from their previous forecast of $1.04. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $3.95 per share.

Several other research firms have also recently weighed in on CATY. Wedbush reaffirmed an “outperform” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, April 23rd. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, June 11th. Keefe, Bruyette & Woods decreased their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a research note on Tuesday, April 23rd. Finally, Truist Financial dropped their price target on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, April 25th. Two equities 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $39.00.

Cathay General Bancorp Stock Down 1.8 %

NASDAQ:CATY opened at $37.03 on Monday. The business’s fifty day moving average price is $36.42 and its 200 day moving average price is $38.87. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 8.19 and a beta of 1.13. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Cathay General Bancorp has a 1-year low of $31.47 and a 1-year high of $45.72.

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 firm had revenue of $339.25 million for the quarter, compared to analyst estimates of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. During the same period last year, the firm earned $1.32 earnings per share.

Institutional Trading of Cathay General Bancorp

Large investors have recently made changes to their positions in the stock. Prime Capital Investment Advisors LLC lifted its holdings in Cathay General Bancorp by 4.1% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock worth $281,000 after purchasing an additional 247 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Cathay General Bancorp by 16.6% during the 1st 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. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of Cathay General Bancorp by 8.4% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,314 shares of the bank’s stock worth $352,000 after acquiring an additional 720 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in Cathay General Bancorp by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank’s stock worth $2,405,000 after purchasing an additional 824 shares in the last quarter. Finally, Alps Advisors Inc. lifted its position in Cathay General Bancorp by 11.5% during the 3rd quarter. Alps Advisors Inc. now owns 9,198 shares of the bank’s stock worth $320,000 after buying an additional 952 shares in the last quarter. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Thursday, May 30th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Thursday, May 30th. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

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.