Q2 2024 Earnings Estimate for Cathay General Bancorp (NASDAQ:CATY) Issued By Wedbush

Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at Wedbush dropped their Q2 2024 EPS estimates for Cathay General Bancorp in a report issued on Tuesday, April 23rd. Wedbush analyst D. Chiaverini now expects that the bank will earn $0.90 per share for the quarter, down from their prior forecast of $1.03. Wedbush has a “Outperform” rating and a $44.00 price target on the stock. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.00 per share. Wedbush also issued estimates for Cathay General Bancorp’s Q3 2024 earnings at $0.96 EPS, Q4 2024 earnings at $1.04 EPS, FY2024 earnings at $4.00 EPS, Q1 2025 earnings at $0.99 EPS, Q2 2025 earnings at $1.03 EPS, Q3 2025 earnings at $1.10 EPS and Q4 2025 earnings at $1.12 EPS.

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

Cathay General Bancorp Trading Up 1.8 %

NASDAQ:CATY opened at $35.53 on Wednesday. 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 52 week low of $27.24 and a 52 week high of $45.72. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 7.86 and a beta of 1.12. The firm has a 50 day moving average of $37.83 and a 200 day moving average of $38.81.

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

Cathay General Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Wednesday, February 28th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is currently 30.09%.

Insider Buying and Selling

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the completion of 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 SEC, which is available through this hyperlink. 4.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cathay General Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Cathay General Bancorp by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock valued at $367,917,000 after purchasing an additional 196,146 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cathay General Bancorp by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank’s stock valued at $171,613,000 after purchasing an additional 150,331 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Cathay General Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,053,405 shares of the bank’s stock valued at $91,520,000 after purchasing an additional 25,421 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Cathay General Bancorp by 4.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock valued at $57,505,000 after purchasing an additional 75,749 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Cathay General Bancorp by 8.8% in the third quarter. Principal Financial Group Inc. now owns 1,540,402 shares of the bank’s stock valued at $53,543,000 after purchasing an additional 124,851 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

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.