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

Cathay General Bancorp (NASDAQ:CATY) – Research analysts at Wedbush cut their Q2 2024 EPS estimates for shares of Cathay General Bancorp in a note issued to investors on Tuesday, April 23rd. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings per share of $0.90 for the quarter, down from their prior forecast of $1.03. Wedbush currently has a “Outperform” rating and a $44.00 price objective on the stock. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $3.92 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 research firms also recently weighed in on CATY. Keefe, Bruyette & Woods cut their price target on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a report on Tuesday. StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Finally, Truist Financial dropped their target price on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday. 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 company’s stock. Based on data from MarketBeat.com, Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $39.00.

Cathay General Bancorp Stock Down 1.6 %

Cathay General Bancorp stock opened at $34.96 on Wednesday. The company has a market capitalization of $2.54 billion, a P/E ratio of 7.73 and a beta of 1.12. The firm’s fifty day simple moving average is $37.71 and its 200-day simple moving average is $38.79. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Cathay General Bancorp has a 1-year low of $27.24 and a 1-year high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). The business had revenue of $339.25 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $1.32 EPS.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Wednesday, February 28th were issued a $0.34 dividend. 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 (DPR) is presently 30.09%.

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 dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the transaction, the insider now owns 204,500 shares in the company, valued at approximately $8,885,525. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CATY. Norges Bank bought a new position in shares of Cathay General Bancorp during the 4th quarter worth about $34,563,000. Vanguard Group Inc. boosted its position in shares of Cathay General Bancorp by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,058,670 shares of the bank’s stock valued at $280,119,000 after acquiring an additional 749,370 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Cathay General Bancorp during the 3rd quarter valued at about $25,138,000. Jupiter Asset Management Ltd. boosted its position in shares of Cathay General Bancorp by 280.1% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 334,678 shares of the bank’s stock valued at $11,633,000 after acquiring an additional 246,622 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Cathay General Bancorp during the 3rd quarter valued at about $6,013,000. Institutional investors 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.