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

Cathay General Bancorp (NASDAQ:CATY) – Research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Cathay General Bancorp in a research report issued to clients and investors on Tuesday, April 23rd. DA Davidson analyst G. Tenner expects that the bank will post earnings per share of $1.04 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.

Other analysts have also recently issued reports about the company. Truist Financial reduced their price target on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday. Wedbush reissued an “outperform” rating and issued a $44.00 price target on shares of Cathay General Bancorp in a report on Tuesday. Keefe, Bruyette & Woods reduced their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday. Finally, StockNews.com cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $39.00.

Cathay General Bancorp Stock Down 1.6 %

CATY opened at $34.96 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.05. The business has a 50 day simple moving average of $37.71 and a 200-day simple moving average of $38.79. The stock has a market capitalization of $2.54 billion, a P/E ratio of 7.73 and a beta of 1.12. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate 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 13.02%. During the same period in the prior year, the business earned $1.32 earnings per share.

Hedge Funds Weigh In On Cathay General Bancorp

Several hedge funds have recently bought and sold shares of CATY. Norges Bank purchased a new position in Cathay General Bancorp during the fourth quarter worth $34,563,000. Vanguard Group Inc. grew its position in shares of 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 period. Assenagon Asset Management S.A. purchased a new stake in shares of Cathay General Bancorp in the third quarter valued at $25,138,000. Jupiter Asset Management Ltd. grew its position in shares of 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 period. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Cathay General Bancorp in the third quarter valued at $6,013,000. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling

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

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 issued a dividend of $0.34 per share. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.89%. Cathay General Bancorp’s dividend payout ratio is presently 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.