Cathay General Bancorp to Post Q2 2024 Earnings of $1.04 Per Share, DA Davidson Forecasts (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Investment analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Cathay General Bancorp in a research report issued 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 issued its earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04). The business had revenue of $339.25 million for the quarter, compared to analyst estimates of $188.85 million. Cathay General Bancorp had a return on equity of 13.89% and a net margin of 27.02%. During the same period in the previous year, the firm posted $1.32 EPS.

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

Cathay General Bancorp Stock Down 4.7 %

Shares of NASDAQ CATY opened at $34.89 on Wednesday. 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 company has a market cap of $2.54 billion, a price-to-earnings ratio of 7.18 and a beta of 1.12. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $45.72. The stock has a 50-day moving average price of $37.91 and a two-hundred day moving average price of $38.84.

Cathay General Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Wednesday, February 28th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.90%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is presently 27.98%.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $43.45, for a total value of $304,150.00. Following 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 hyperlink. 4.76% of the stock is currently owned by company insiders.

Institutional Trading of Cathay General Bancorp

Several institutional investors have recently added to or reduced their stakes in CATY. Prime Capital Investment Advisors LLC boosted its holdings in shares of Cathay General Bancorp by 4.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock worth $281,000 after buying an additional 247 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Cathay General Bancorp by 1.6% during the 3rd quarter. Arizona State Retirement System now owns 19,620 shares of the bank’s stock worth $682,000 after buying an additional 304 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Cathay General Bancorp by 16.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock worth $124,000 after purchasing an additional 491 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Cathay General Bancorp by 2.6% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,478 shares of the bank’s stock worth $747,000 after purchasing an additional 550 shares in the last quarter. Finally, Pathstone Family Office LLC lifted its holdings in shares of Cathay General Bancorp by 4.2% in the 3rd quarter. Pathstone Family Office LLC now owns 17,103 shares of the bank’s stock worth $594,000 after purchasing an additional 692 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors.

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.