Cathay General Bancorp Forecasted to Earn FY2023 Earnings of $4.64 Per Share (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY – Get Rating) – Equities researchers at DA Davidson lowered their FY2023 EPS estimates for Cathay General Bancorp in a research note issued to investors on Wednesday, April 27th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $4.64 per share for the year, down from their prior estimate of $4.66.

Several other brokerages also recently commented on CATY. StockNews.com assumed coverage on shares of Cathay General Bancorp in a report on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Tuesday, January 11th.

Cathay General Bancorp stock opened at $41.47 on Friday. Cathay General Bancorp has a 1-year low of $35.51 and a 1-year high of $48.88. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 10.91 and a beta of 1.24. The firm’s fifty day moving average price is $44.78 and its two-hundred day moving average price is $44.46. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY – Get Rating) last released its quarterly earnings data on Monday, April 25th. The bank reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.12. Cathay General Bancorp had a net margin of 41.37% and a return on equity of 12.15%. The firm had revenue of $179.42 million for the quarter, compared to analyst estimates of $167.80 million. During the same period last year, the firm earned $0.92 earnings per share. The business’s quarterly revenue was up 18.2% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 7th. Investors of record on Friday, February 25th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 24th. This represents a $1.36 dividend on an annualized basis and a yield of 3.28%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 35.79%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Dupont Capital Management Corp increased its holdings in Cathay General Bancorp by 86.6% during the first quarter. Dupont Capital Management Corp now owns 44,908 shares of the bank’s stock worth $2,010,000 after buying an additional 20,846 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Cathay General Bancorp in the first quarter worth about $357,000. Meritage Portfolio Management increased its stake in shares of Cathay General Bancorp by 130.3% in the first quarter. Meritage Portfolio Management now owns 14,425 shares of the bank’s stock worth $646,000 after purchasing an additional 8,162 shares in the last quarter. Allworth Financial LP purchased a new position in shares of Cathay General Bancorp in the first quarter worth about $44,000. Finally, Inspire Investing LLC purchased a new position in shares of Cathay General Bancorp in the first quarter worth about $236,000. Institutional investors and hedge funds own 68.62% of the company’s stock.

About Cathay General Bancorp (Get Rating)

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.

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