Cathay General Bancorp Expected to Earn Q3 2024 Earnings of $0.97 Per Share (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Equities researchers at Wedbush cut their Q3 2024 earnings per share (EPS) estimates for Cathay General Bancorp in a report released on Tuesday, September 24th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $0.97 per share for the quarter, down from their prior forecast of $0.99. Wedbush currently has a “Outperform” rating and a $50.00 target price on the stock. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.03 per share. Wedbush also issued estimates for Cathay General Bancorp’s Q4 2024 earnings at $1.07 EPS and FY2024 earnings at $4.08 EPS.

A number of other analysts also recently issued reports on CATY. Piper Sandler boosted their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday, July 23rd. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Finally, Truist Financial increased their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Cathay General Bancorp presently has an average rating of “Hold” and an average target price of $43.50.

Cathay General Bancorp Trading Up 0.5 %

CATY stock opened at $42.57 on Thursday. Cathay General Bancorp has a 52 week low of $32.08 and a 52 week high of $45.88. The company has a market capitalization of $3.10 billion, a PE ratio of 9.42 and a beta of 1.11. The company’s 50-day simple moving average is $42.62 and its 200 day simple moving average is $38.92. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The firm had revenue of $178.53 million during the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business’s quarterly revenue was down 12.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 earnings per share.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

Insider Transactions at Cathay General Bancorp

In other news, Chairman Dunson K. Cheng sold 12,401 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the transaction, the chairman now owns 149,566 shares of the company’s stock, valued at $6,699,061.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.89, for a total value of $269,340.00. Following the transaction, the executive vice president now owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp stock in a transaction that occurred 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 transaction, the chairman now directly owns 149,566 shares in the company, valued at approximately $6,699,061.14. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,401 shares of company stock valued at $1,728,581. Corporate insiders own 4.76% of the company’s stock.

Institutional Trading of Cathay General Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Access Investment Management LLC raised its position in Cathay General Bancorp by 1.1% in the second quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock worth $774,000 after acquiring an additional 225 shares during the period. Quarry LP raised its holdings in shares of Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after purchasing an additional 331 shares during the period. Arizona State Retirement System lifted its stake in Cathay General Bancorp by 1.9% in the second quarter. Arizona State Retirement System now owns 19,327 shares of the bank’s stock valued at $729,000 after purchasing an additional 360 shares during the last quarter. SummerHaven Investment Management LLC grew its holdings in Cathay General Bancorp by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock valued at $842,000 after purchasing an additional 417 shares during the period. Finally, Bessemer Group Inc. increased its position in Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after buying an additional 523 shares during the last quarter. 75.01% of the stock is owned by hedge funds and other 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.