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

Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at DA Davidson increased their FY2024 earnings estimates for Cathay General Bancorp in a research report issued 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 prior forecast of $4.06. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.00 per share.

Several other research firms also recently commented on CATY. StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Truist Financial decreased their target price on shares of Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $38.20.

Cathay General Bancorp Stock Performance

CATY stock opened at $34.66 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 7.13 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. The firm has a 50 day moving average of $38.14 and a two-hundred day moving average of $38.73.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.15. Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%. The firm had revenue of $205.24 million for the quarter, compared to the consensus estimate of $197.95 million.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Covestor Ltd boosted its stake in shares of Cathay General Bancorp by 73.5% in the 1st quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock valued at $52,000 after purchasing an additional 490 shares during the last quarter. KBC Group NV bought a new position in shares of Cathay General Bancorp in the 4th quarter valued at about $53,000. GAMMA Investing LLC bought a new position in shares of Cathay General Bancorp in the 4th quarter valued at about $51,000. Lazard Asset Management LLC boosted its stake in shares of Cathay General Bancorp by 41.4% in the 4th quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock valued at $52,000 after purchasing an additional 374 shares during the last quarter. Finally, State of Wyoming boosted its stake in shares of Cathay General Bancorp by 31.7% in the 4th quarter. State of Wyoming now owns 1,321 shares of the bank’s stock valued at $54,000 after purchasing an additional 318 shares during the last quarter. 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 company’s stock in a transaction dated Monday, January 29th. The shares were 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 approximately $8,885,525. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.30% of the stock is owned by insiders.

Cathay General Bancorp Dividend Announcement

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