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

Cathay General Bancorp (NASDAQ:CATY) – DA Davidson cut their Q3 2024 earnings estimates for shares of Cathay General Bancorp in a research report issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the bank will earn $0.99 per share for the quarter, down from their prior 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.

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

Several other equities analysts have also recently issued reports on the stock. Wedbush upped their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Piper Sandler upped their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Finally, Truist Financial upped their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus price target of $43.50.

Cathay General Bancorp Trading Up 1.8 %

Shares of NASDAQ CATY opened at $42.52 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $45.88. The firm has a 50 day moving average price of $42.49 and a two-hundred day moving average price of $39.02. The stock has a market cap of $3.10 billion, a P/E ratio of 9.44 and a beta of 1.11.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Access Investment Management LLC raised its holdings in shares of Cathay General Bancorp by 1.1% in the second quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock valued at $774,000 after purchasing an additional 225 shares during the last quarter. Quarry LP raised its holdings in shares of Cathay General Bancorp by 76.3% in the second quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after purchasing an additional 331 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Cathay General Bancorp by 1.9% in the second quarter. Arizona State Retirement System now owns 19,327 shares of the bank’s stock valued at $729,000 after purchasing an additional 360 shares during the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of Cathay General Bancorp by 1.9% in the second 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 last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after purchasing an additional 523 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the transaction, the chairman now directly owns 149,566 shares of the company’s stock, valued at $6,699,061.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the transaction, the chairman now directly owns 149,566 shares of the company’s stock, valued at approximately $6,699,061.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.89, for a total transaction of $269,340.00. Following the completion of the transaction, the executive vice president now directly owns 45,530 shares in the company, valued at $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. Insiders have sold a total of 38,401 shares of company stock valued at $1,728,581 over the last ninety days. 4.76% of the stock is owned by corporate insiders.

Cathay General Bancorp Announces Dividend

The business 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. This represents a $1.36 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

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.