DA Davidson Has Positive Outlook for CATY FY2024 Earnings

Cathay General Bancorp (NASDAQ:CATY - Free Report) - Equities research analysts at DA Davidson boosted their FY2024 earnings per share (EPS) estimates for Cathay General Bancorp in a research note issued to investors on Wednesday, October 23rd. DA Davidson analyst G. Tenner now anticipates that the bank will earn $4.02 per share for the year, up from their previous forecast of $4.00. The consensus estimate for Cathay General Bancorp's current full-year earnings is $4.02 per share. DA Davidson also issued estimates for Cathay General Bancorp's FY2025 earnings at $4.35 EPS.

Several other equities research analysts have also recently weighed in on the stock. StockNews.com upgraded shares of Cathay General Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 19th. Truist Financial lifted their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a "hold" rating in a research report on Friday, September 20th. Wedbush upped their target price on Cathay General Bancorp from $50.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday. 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 a consensus target price of $44.00.

Cathay General Bancorp Trading Down 1.6 %

NASDAQ:CATY traded down $0.73 on Friday, reaching $44.83. 255,405 shares of the stock traded hands, compared to its average volume of 327,488. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11. Cathay General Bancorp has a 1-year low of $32.83 and a 1-year high of $46.70. The company's 50 day moving average is $43.33 and its 200-day moving average is $39.81. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 9.92 and a beta of 1.11.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). The company had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. During the same period in the previous year, the company posted $1.13 EPS.

Cathay General Bancorp Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp's dividend payout ratio (DPR) is currently 30.09%.

Insiders Place Their Bets

In other news, Chairman Dunson K. Cheng sold 12,401 shares of the business's stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the sale, the chairman now owns 149,566 shares in the company, valued at $6,699,061.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 4.76% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Access Investment Management LLC boosted its position in shares of Cathay General Bancorp by 1.1% during the second quarter. Access Investment Management LLC now owns 20,520 shares of the bank's stock valued at $774,000 after buying an additional 225 shares during the last quarter. CWM LLC lifted its stake in Cathay General Bancorp by 19.9% during the 3rd quarter. CWM LLC now owns 1,517 shares of the bank's stock valued at $65,000 after acquiring an additional 252 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cathay General Bancorp by 24.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,531 shares of the bank's stock worth $66,000 after acquiring an additional 305 shares during the last quarter. Quarry LP grew its stake 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 acquiring an additional 331 shares in the last quarter. Finally, 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. 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.