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

Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at Wedbush dropped 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 forecasts that the bank will post earnings of $0.90 per share for the quarter, down from their previous estimate of $1.03. Wedbush currently has a “Outperform” rating and a $44.00 target price 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.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly 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). The company 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 period last year, the firm posted $1.32 earnings per share.

Several other equities research analysts have also issued reports on CATY. Truist Financial decreased their price target 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. Keefe, Bruyette & Woods decreased 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. Finally, StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a 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 given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $39.00.

Cathay General Bancorp Trading Down 1.6 %

Shares of Cathay General Bancorp stock opened at $34.96 on Wednesday. The firm has a market capitalization of $2.54 billion, a PE ratio of 7.73 and a beta of 1.12. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $37.71 and its 200 day moving average is $38.79. Cathay General Bancorp has a 1 year low of $27.24 and a 1 year high of $45.72.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is 30.09%.

Insiders Place Their Bets

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 shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the sale, the insider now directly 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.76% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in shares of Cathay General Bancorp in the 4th quarter valued at $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at $109,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Cathay General Bancorp by 16.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock valued at $124,000 after purchasing an additional 491 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Cathay General Bancorp by 545.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank’s stock valued at $148,000 after purchasing an additional 3,600 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its stake in shares of Cathay General Bancorp by 22,160.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after purchasing an additional 4,432 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

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.