Brokers Issue Forecasts for Cathay General Bancorp’s Q2 2024 Earnings (NASDAQ:CATY)

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

A number of other equities research analysts also recently issued reports on the stock. Wedbush reiterated an “outperform” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Keefe, Bruyette & Woods cut their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a research report on Tuesday, April 23rd. Truist Financial cut their target price on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, April 25th. Finally, StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 11th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus price target of $39.00.

Cathay General Bancorp Stock Up 0.7 %

Shares of NASDAQ:CATY opened at $37.28 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04. The company has a market cap of $2.71 billion, a PE ratio of 8.25 and a beta of 1.13. Cathay General Bancorp has a 52 week low of $31.47 and a 52 week high of $45.72. The firm has a 50 day simple moving average of $36.46 and a 200 day simple moving average of $38.82.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04). The firm had revenue of $339.25 million during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $1.32 EPS.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.36 annualized dividend and a dividend yield of 3.65%. Cathay General Bancorp’s dividend payout ratio (DPR) is 30.09%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Cathay General Bancorp by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock valued at $367,917,000 after buying an additional 196,146 shares during the last quarter. Public Sector Pension Investment Board acquired a new position in Cathay General Bancorp in the 3rd quarter valued at $3,116,000. Nordea Investment Management AB grew its stake in Cathay General Bancorp by 15.8% in the 4th quarter. Nordea Investment Management AB now owns 178,450 shares of the bank’s stock valued at $7,996,000 after buying an additional 24,317 shares during the last quarter. Willner & Heller LLC acquired a new position in Cathay General Bancorp in the 4th quarter valued at $2,014,000. Finally, Boston Trust Walden Corp grew its stake in Cathay General Bancorp by 0.3% in the 4th quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock valued at $43,257,000 after buying an additional 3,385 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

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.