Cathay General Bancorp to Post Q2 2024 Earnings of $1.04 Per Share, DA Davidson Forecasts (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Cathay General Bancorp in a research note issued to investors on Tuesday, April 23rd. DA Davidson analyst G. Tenner forecasts that the bank will post earnings of $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 posted its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%. The business had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. During the same period last year, the firm posted $1.32 earnings per share.

Several other equities research analysts have also weighed in on CATY. Keefe, Bruyette & Woods dropped their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday. StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Truist Financial dropped their target price 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. Finally, Wedbush reissued an “outperform” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $39.40.

Cathay General Bancorp Price Performance

CATY opened at $34.89 on Wednesday. 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 has a 52-week low of $27.24 and a 52-week high of $45.72. The stock has a market capitalization of $2.54 billion, a PE ratio of 7.18 and a beta of 1.12. The stock’s 50 day moving average price is $37.91 and its 200-day moving average price is $38.84.

Institutional Trading of Cathay General Bancorp

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Cathay General Bancorp by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock valued at $367,917,000 after acquiring an additional 196,146 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Cathay General Bancorp by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank’s stock valued at $171,613,000 after acquiring an additional 150,331 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Cathay General Bancorp by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,053,405 shares of the bank’s stock valued at $91,520,000 after acquiring an additional 25,421 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Cathay General Bancorp by 4.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock valued at $57,505,000 after acquiring an additional 75,749 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Cathay General Bancorp by 8.8% during the third quarter. Principal Financial Group Inc. now owns 1,540,402 shares of the bank’s stock valued at $53,543,000 after acquiring an additional 124,851 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Insider Transactions at Cathay General Bancorp

In other 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 value of $304,150.00. Following the completion of the transaction, the insider now owns 204,500 shares in the company, valued at $8,885,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.76% of the company’s stock.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.90%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp’s dividend payout ratio is currently 27.98%.

About Cathay General Bancorp

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.