Cathay General Bancorp (NASDAQ:CATY) to Post Q3 2024 Earnings of $0.99 Per Share, DA Davidson Forecasts

Cathay General Bancorp (NASDAQ:CATY) – Analysts at DA Davidson lowered their Q3 2024 earnings per share (EPS) estimates for shares of Cathay General Bancorp in a research report issued to clients and investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the bank will post earnings per share of $0.99 for the quarter, down from their previous forecast of $1.01. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.03 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2024 earnings at $4.00 EPS and FY2025 earnings at $4.26 EPS.

Several other research firms also recently weighed in on CATY. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Truist Financial lifted their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Wedbush lifted their target price on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Piper Sandler lifted their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a report on Tuesday, July 23rd. One investment analyst has 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.com, Cathay General Bancorp has an average rating of “Hold” and an average target price of $43.50.

Cathay General Bancorp Trading Up 1.8 %

NASDAQ CATY opened at $42.52 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. Cathay General Bancorp has a twelve month low of $32.08 and a twelve month high of $45.88. The company has a market cap of $3.10 billion, a price-to-earnings ratio of 9.41 and a beta of 1.11. The business’s fifty day moving average is $42.43 and its 200 day moving average is $39.05.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The firm had revenue of $178.53 million for the quarter, compared to analyst estimates of $179.19 million. During the same period last year, the business earned $1.28 EPS. The company’s revenue was down 12.8% compared to the same quarter last year.

Cathay General Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.20%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s payout ratio is presently 30.09%.

Insider Transactions at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the transaction, the insider now directly owns 355,252 shares of the company’s stock, valued at approximately $16,053,837.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the transaction, the insider now directly owns 355,252 shares of the company’s stock, valued at approximately $16,053,837.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.89, for a total value of $269,340.00. Following the completion of the transaction, the executive vice president now directly owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,401 shares of company stock valued at $1,728,581. Corporate insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Access Investment Management LLC boosted its holdings in Cathay General Bancorp by 1.1% in the second quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock worth $774,000 after acquiring an additional 225 shares in the last quarter. Quarry LP lifted its holdings in shares of Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after purchasing an additional 331 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Cathay General Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 19,327 shares of the bank’s stock worth $729,000 after purchasing an additional 360 shares in the last quarter. SummerHaven Investment Management LLC grew its position in Cathay General Bancorp by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock valued at $842,000 after purchasing an additional 417 shares during the period. Finally, Bessemer Group Inc. increased its stake in Cathay General Bancorp by 16.6% during the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after purchasing an additional 523 shares in 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.