Analysts Issue Forecasts for Cathay General Bancorp’s Q2 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – DA Davidson issued their Q2 2024 EPS estimates for shares of Cathay General Bancorp in a research note issued 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 $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 released its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). The business had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.16%. During the same quarter in the previous year, the company posted $1.32 EPS.

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

Cathay General Bancorp Stock Up 1.8 %

CATY stock opened at $35.53 on Wednesday. The firm has a 50-day moving average of $37.83 and a two-hundred day moving average of $38.81. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 7.86 and a beta of 1.12. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.25. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $45.72.

Cathay General Bancorp Dividend Announcement

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

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of the business’s 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 sale, the insider now directly owns 204,500 shares in the company, valued at $8,885,525. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cathay General Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC grew its position in shares of Cathay General Bancorp by 4.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock valued at $281,000 after purchasing an additional 247 shares during the last quarter. Arizona State Retirement System lifted its stake in Cathay General Bancorp by 1.6% in the 3rd quarter. Arizona State Retirement System now owns 19,620 shares of the bank’s stock valued at $682,000 after buying an additional 304 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in 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 valued at $124,000 after buying an additional 491 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Cathay General Bancorp by 2.6% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,478 shares of the bank’s stock valued at $747,000 after buying an additional 550 shares during the last quarter. Finally, Pathstone Family Office LLC raised its holdings in shares of Cathay General Bancorp by 4.2% in the third quarter. Pathstone Family Office LLC now owns 17,103 shares of the bank’s stock worth $594,000 after acquiring an additional 692 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

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.