Cathay General Bancorp to Post Q3 2024 Earnings of $0.97 Per Share, Wedbush Forecasts (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Stock analysts at Wedbush reduced their Q3 2024 earnings per share estimates for Cathay General Bancorp in a research report issued on Tuesday, September 24th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings per share of $0.97 for the quarter, down from their previous estimate of $0.99. Wedbush has a “Outperform” rating and a $50.00 price target on the stock. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.03 per share. Wedbush also issued estimates for Cathay General Bancorp’s Q4 2024 earnings at $1.07 EPS and FY2024 earnings at $4.08 EPS.

A number of other brokerages have also issued reports on CATY. Truist Financial raised their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. 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 research report on Tuesday, July 23rd. Finally, StockNews.com upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $43.50.

Cathay General Bancorp Trading Up 0.8 %

CATY stock opened at $42.35 on Thursday. Cathay General Bancorp has a twelve month low of $32.08 and a twelve month high of $45.88. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 9.37 and a beta of 1.11. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. The firm’s fifty day simple moving average is $42.61 and its two-hundred day simple moving average is $38.91.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results 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). The company had revenue of $178.53 million for the quarter, compared to the consensus estimate of $179.19 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.28 EPS.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.36 annualized dividend and a yield of 3.21%. Cathay General Bancorp’s dividend payout ratio (DPR) is 30.09%.

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the sale, the chairman now owns 149,566 shares of the company’s stock, valued at $6,699,061.14. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cathay General Bancorp news, 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 transaction of $269,340.00. Following the completion of the sale, the executive vice president now owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the transaction, the chairman now directly owns 149,566 shares in the company, valued at $6,699,061.14. The disclosure for this sale can be found here. Insiders have sold 38,401 shares of company stock valued at $1,728,581 in the last ninety days. Corporate insiders own 4.76% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Cathay General Bancorp by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock valued at $367,917,000 after acquiring an additional 196,146 shares during the period. Willner & Heller LLC acquired a new stake in Cathay General Bancorp during the 4th quarter worth about $2,014,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Cathay General Bancorp during the 1st quarter valued at about $946,000. SG Americas Securities LLC raised its stake in shares of Cathay General Bancorp by 504.2% during the 2nd quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock valued at $927,000 after buying an additional 20,502 shares during the last quarter. Finally, ORG Partners LLC acquired a new position in shares of Cathay General Bancorp in the 1st quarter valued at about $982,000. Hedge funds and other 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.