DA Davidson Comments on Cathay General Bancorp’s Q2 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Research analysts at DA Davidson decreased their Q2 2024 earnings per share estimates for shares of Cathay General Bancorp in a research note issued on Thursday, June 27th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $1.03 per share for the quarter, down from their previous estimate of $1.04. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $3.95 per share.

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). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The business had revenue of $339.25 million for the quarter, compared to analyst estimates of $188.85 million. During the same period in the prior year, the business earned $1.32 EPS.

Several other research firms have also recently weighed in on CATY. Keefe, Bruyette & Woods lowered their price objective 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, April 23rd. Wedbush reiterated an “outperform” rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Truist Financial decreased their price target on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, April 25th. Finally, StockNews.com cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and a consensus target price of $39.00.

Cathay General Bancorp Trading Up 0.7 %

Shares of Cathay General Bancorp stock opened at $37.28 on Monday. The business has a fifty day simple moving average of $36.46 and a two-hundred day simple moving average of $38.82. Cathay General Bancorp has a 1 year low of $31.47 and a 1 year high of $45.72. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 8.25 and a beta of 1.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.03.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend was Thursday, May 30th. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

Institutional Trading of Cathay General Bancorp

A number of hedge funds have recently made changes to their positions in CATY. Norges Bank acquired a new position in shares of Cathay General Bancorp in the fourth quarter valued at approximately $34,563,000. Vanguard Group Inc. increased its stake in shares of Cathay General Bancorp by 10.3% in the third quarter. Vanguard Group Inc. now owns 8,058,670 shares of the bank’s stock valued at $280,119,000 after buying an additional 749,370 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Cathay General Bancorp by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank’s stock valued at $171,613,000 after buying an additional 150,331 shares during the period. First Trust Advisors LP increased its stake in shares of Cathay General Bancorp by 18.4% in the fourth quarter. First Trust Advisors LP now owns 861,364 shares of the bank’s stock valued at $38,391,000 after buying an additional 133,852 shares during the period. Finally, Glenmede Trust Co. NA increased its stake in shares of Cathay General Bancorp by 34.1% in the third quarter. Glenmede Trust Co. NA now owns 423,914 shares of the bank’s stock valued at $14,735,000 after buying an additional 107,888 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

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.