Wall Street brokerages expect that Cathay General Bancorp (NASDAQ:CATY) will announce sales of $141.83 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Cathay General Bancorp’s earnings. The lowest sales estimate is $140.50 million and the highest is $143.10 million. Cathay General Bancorp posted sales of $118.83 million during the same quarter last year, which suggests a positive year-over-year growth rate of 19.4%. The firm is scheduled to announce its next earnings results on Wednesday, April 18th.
On average, analysts expect that Cathay General Bancorp will report full-year sales of $141.83 million for the current financial year, with estimates ranging from $589.00 million to $603.20 million. For the next fiscal year, analysts expect that the company will post sales of $645.80 million per share, with estimates ranging from $640.20 million to $653.30 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Tuesday, January 30th. The bank reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.02). Cathay General Bancorp had a return on equity of 5.28% and a net margin of 17.95%. The firm had revenue of $143.51 million for the quarter, compared to the consensus estimate of $139.43 million. During the same period in the prior year, the business earned $0.60 EPS. Cathay General Bancorp’s quarterly revenue was up 21.8% on a year-over-year basis.
A number of brokerages recently weighed in on CATY. ValuEngine raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. BMO Capital Markets lifted their target price on shares of Cathay General Bancorp to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st. BidaskClub downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Piper Jaffray Companies reissued a “buy” rating and set a $51.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. Finally, Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Friday, January 5th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Cathay General Bancorp currently has an average rating of “Hold” and a consensus price target of $45.13.
Cathay General Bancorp (CATY) opened at $42.83 on Friday. Cathay General Bancorp has a 52 week low of $34.00 and a 52 week high of $45.59. The firm has a market cap of $3,460.00, a price-to-earnings ratio of 19.65, a P/E/G ratio of 1.71 and a beta of 1.38. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.04 and a current ratio of 1.04.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Thursday, March 1st were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Wednesday, February 28th. Cathay General Bancorp’s payout ratio is 44.04%.
In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 33,045 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $44.36, for a total value of $1,465,876.20. Following the completion of the sale, the insider now directly owns 12,976 shares in the company, valued at $575,615.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kim R. Bingham sold 3,800 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $44.71, for a total transaction of $169,898.00. Following the completion of the sale, the executive vice president now owns 21,803 shares of the company’s stock, valued at $974,812.13. The disclosure for this sale can be found here. Insiders sold 56,845 shares of company stock valued at $2,474,174 over the last 90 days. Corporate insiders own 5.76% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Xact Kapitalforvaltning AB acquired a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $328,000. Sterling Capital Management LLC acquired a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $1,502,000. MetLife Investment Advisors LLC acquired a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $3,478,000. Jane Street Group LLC grew its holdings in shares of Cathay General Bancorp by 138.8% during the fourth quarter. Jane Street Group LLC now owns 11,508 shares of the bank’s stock valued at $485,000 after buying an additional 6,689 shares during the last quarter. Finally, Zeke Capital Advisors LLC acquired a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $223,000. Hedge funds and other institutional investors own 67.90% of the company’s stock.
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About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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