Research Analysts Issue Forecasts for CATY FY2024 Earnings

Cathay General Bancorp (NASDAQ:CATY) – Research analysts at DA Davidson lifted their FY2024 earnings estimates for Cathay General Bancorp in a report released on Wednesday, October 23rd. DA Davidson analyst G. Tenner now forecasts that the bank will post earnings per share of $4.02 for the year, up from their previous estimate of $4.00. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.02 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2025 earnings at $4.35 EPS.

A number of other brokerages have also recently weighed in on CATY. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Piper Sandler lifted their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. Truist Financial lifted their price objective on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Finally, Wedbush lifted their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $44.00.

Cathay General Bancorp Trading Down 1.6 %

Shares of CATY stock opened at $44.83 on Friday. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 9.92 and a beta of 1.11. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. Cathay General Bancorp has a fifty-two week low of $32.83 and a fifty-two week high of $46.70. The firm’s 50 day moving average price is $43.33 and its two-hundred day moving average price is $39.82.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The business had revenue of $359.86 million for the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. During the same period last year, the firm earned $1.13 earnings per share.

Institutional Trading of Cathay General Bancorp

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its holdings in Cathay General Bancorp by 76.3% in the second quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after acquiring an additional 331 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Cathay General Bancorp during the second quarter worth $40,000. CWM LLC raised its holdings in shares of Cathay General Bancorp by 168.6% during the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after purchasing an additional 794 shares during the period. GAMMA Investing LLC raised its holdings in shares of Cathay General Bancorp by 24.9% during the third quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock worth $66,000 after purchasing an additional 305 shares during the period. Finally, Bessemer Group Inc. raised its holdings in shares of 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 during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cathay General Bancorp

In related news, Chairman Dunson K. Cheng sold 12,401 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the sale, the chairman now directly owns 149,566 shares of the company’s stock, valued at $6,699,061.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.76% of the stock is currently owned by corporate insiders.

Cathay General Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.36 annualized dividend and a yield of 3.03%. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

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.