Cathay General Bancorp Expected to Post FY2024 Earnings of $4.08 Per Share (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Research analysts at DA Davidson boosted their FY2024 earnings per share estimates for shares of Cathay General Bancorp in a report released on Wednesday, April 17th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $4.08 per share for the year, up from their previous forecast of $4.06. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.00 per share.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Wednesday, January 24th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.15. The business had revenue of $205.24 million for the quarter, compared to analysts’ expectations of $197.95 million. Cathay General Bancorp had a return on equity of 13.89% and a net margin of 27.02%.

CATY has been the topic of several other research reports. Truist Financial reduced their price target on shares of Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Cathay General Bancorp currently has an average rating of “Hold” and a consensus target price of $38.20.

Cathay General Bancorp Price Performance

CATY stock opened at $34.66 on Friday. The firm has a market cap of $2.52 billion, a PE ratio of 7.13 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. The firm’s 50 day moving average price is $38.14 and its 200-day moving average price is $38.73. Cathay General Bancorp has a one year low of $27.24 and a one year high of $45.72.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is 27.98%.

Insider Buying and Selling 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 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 sale, the insider now owns 204,500 shares of the company’s stock, valued at $8,885,525. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Cathay General Bancorp

Large investors have recently modified their holdings of the stock. Covestor Ltd increased its position in shares of Cathay General Bancorp by 73.5% during the first quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock worth $52,000 after acquiring an additional 490 shares during the period. KBC Group NV purchased a new stake in shares of Cathay General Bancorp during the fourth quarter worth $53,000. GAMMA Investing LLC purchased a new stake in shares of Cathay General Bancorp during the fourth quarter worth $51,000. Lazard Asset Management LLC grew its stake in shares of Cathay General Bancorp by 41.4% during the fourth quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock worth $52,000 after purchasing an additional 374 shares in the last quarter. Finally, State of Wyoming grew its stake in shares of Cathay General Bancorp by 31.7% during the fourth quarter. State of Wyoming now owns 1,321 shares of the bank’s stock worth $54,000 after purchasing an additional 318 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

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.