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

Cathay General Bancorp (NASDAQ:CATY) – Analysts at Wedbush lowered their Q2 2024 earnings estimates for Cathay General Bancorp in a report released 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 currently has a “Outperform” rating and a $44.00 target price 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 equities analysts also recently commented on the company. Truist Financial dropped their price objective on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Keefe, Bruyette & Woods lowered their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a report on Tuesday. Finally, StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Two research analysts have 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 MarketBeat.com, Cathay General Bancorp presently has a consensus rating of “Hold” and an average price target of $39.40.

Cathay General Bancorp Trading Up 1.8 %

NASDAQ:CATY opened at $35.53 on Wednesday. The stock’s 50 day moving average price is $37.83 and its 200 day moving average price is $38.81. Cathay General Bancorp has a 52 week low of $27.24 and a 52 week high of $45.72. The company has a market capitalization of $2.58 billion, a P/E ratio of 7.86 and a beta of 1.12. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.05 and a current ratio of 1.05.

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). Cathay General Bancorp had a return on equity of 13.16% and a net margin of 24.41%. The firm had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. During the same quarter in the prior year, the company posted $1.32 EPS.

Institutional Investors Weigh In On Cathay General Bancorp

Several hedge funds have recently modified their holdings of the business. Prime Capital Investment Advisors LLC lifted its position in 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 worth $281,000 after purchasing an additional 247 shares during the period. Arizona State Retirement System lifted its position in Cathay General Bancorp by 1.6% in the third quarter. Arizona State Retirement System now owns 19,620 shares of the bank’s stock worth $682,000 after purchasing an additional 304 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Cathay General Bancorp by 16.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock worth $124,000 after purchasing an additional 491 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Cathay General Bancorp by 2.6% in the third quarter. Oregon Public Employees Retirement Fund now owns 21,478 shares of the bank’s stock worth $747,000 after purchasing an additional 550 shares during the period. Finally, Pathstone Family Office LLC lifted its position in 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 purchasing an additional 692 shares during the period. 75.01% of the stock is owned by institutional investors.

Insider Activity

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $43.45, for a total value of $304,150.00. Following the completion of the sale, the insider now directly owns 204,500 shares of the company’s stock, valued at $8,885,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.76% of the stock is owned by company insiders.

Cathay General Bancorp Announces Dividend

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

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.