Analysts Offer Predictions for Cathay General Bancorp’s Q2 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Cathay General Bancorp in a research note issued to investors on Tuesday, April 23rd. DA Davidson analyst G. Tenner expects that the bank will earn $1.04 per share for the quarter. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $3.92 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2024 earnings at $4.15 EPS.

Several other analysts have also weighed in on CATY. Truist Financial decreased their price target on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday. StockNews.com lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Wedbush restated an “outperform” rating and set a $44.00 price target on shares of Cathay General Bancorp in a report on Tuesday. Finally, Keefe, Bruyette & Woods cut their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $39.00.

Cathay General Bancorp Stock Down 1.6 %

Shares of CATY opened at $34.96 on Wednesday. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 7.73 and a beta of 1.12. Cathay General Bancorp has a 1 year low of $27.24 and a 1 year high of $45.72. The business’s 50 day simple moving average is $37.71 and its 200-day simple moving average is $38.79. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.05.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data 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 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 period last year, the company earned $1.32 earnings per share.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is 30.09%.

Insider Transactions at Cathay General Bancorp

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $43.45, for a total transaction of $304,150.00. Following the transaction, the insider now owns 204,500 shares of the company’s stock, valued at approximately $8,885,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Cathay General Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Cathay General Bancorp in the fourth quarter valued at about $34,563,000. Vanguard Group Inc. grew its stake in Cathay General Bancorp by 10.3% in the third quarter. Vanguard Group Inc. now owns 8,058,670 shares of the bank’s stock valued at $280,119,000 after purchasing an additional 749,370 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Cathay General Bancorp in the third quarter valued at about $25,138,000. Jupiter Asset Management Ltd. grew its stake in Cathay General Bancorp by 280.1% in the third quarter. Jupiter Asset Management Ltd. now owns 334,678 shares of the bank’s stock valued at $11,633,000 after purchasing an additional 246,622 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in Cathay General Bancorp in the third quarter valued at about $6,013,000. Institutional investors own 75.01% of the company’s stock.

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.