Brokerages Anticipate Cathay General Bancorp (CATY) Will Announce Quarterly Sales of $137.70 Million
Wall Street brokerages expect Cathay General Bancorp (NASDAQ:CATY) to post $137.70 million in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Cathay General Bancorp’s earnings, with estimates ranging from $137.00 million to $139.00 million. Cathay General Bancorp reported sales of $112.64 million in the same quarter last year, which indicates a positive year-over-year growth rate of 22.2%. The company is scheduled to announce its next earnings report on Wednesday, October 18th.
According to Zacks, analysts expect that Cathay General Bancorp will report full-year sales of $137.70 million for the current year, with estimates ranging from $517.90 million to $525.00 million. For the next financial year, analysts forecast that the business will post sales of $584.53 million per share, with estimates ranging from $572.80 million to $605.00 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The business had revenue of $123.50 million during the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same period last year, the company earned $0.44 EPS.
Several analysts have weighed in on CATY shares. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Thursday, June 1st. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Royal Bank Of Canada boosted their price target on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 20th. Wedbush reissued a “neutral” rating and issued a $39.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 price objective on shares of Cathay General Bancorp in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Cathay General Bancorp has an average rating of “Hold” and a consensus target price of $40.33.
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Large investors have recently modified their holdings of the company. Karp Capital Management Corp bought a new position in shares of Cathay General Bancorp during the first quarter valued at about $526,000. Prudential Financial Inc. raised its stake in shares of Cathay General Bancorp by 23.1% during the second quarter. Prudential Financial Inc. now owns 1,185,515 shares of the bank’s stock valued at $44,990,000 after acquiring an additional 222,106 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Cathay General Bancorp by 0.8% during the second quarter. Great West Life Assurance Co. Can now owns 44,923 shares of the bank’s stock valued at $1,704,000 after acquiring an additional 346 shares during the last quarter. ClariVest Asset Management LLC raised its stake in shares of Cathay General Bancorp by 160.6% during the first quarter. ClariVest Asset Management LLC now owns 159,500 shares of the bank’s stock valued at $6,010,000 after acquiring an additional 98,300 shares during the last quarter. Finally, Mason Street Advisors LLC raised its stake in shares of Cathay General Bancorp by 2.2% during the first quarter. Mason Street Advisors LLC now owns 35,357 shares of the bank’s stock valued at $1,332,000 after acquiring an additional 747 shares during the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.
Shares of Cathay General Bancorp (NASDAQ:CATY) traded up 0.61% on Tuesday, reaching $38.00. The company had a trading volume of 298,975 shares. The company has a market capitalization of $3.07 billion, a PE ratio of 15.64 and a beta of 1.29. Cathay General Bancorp has a one year low of $28.84 and a one year high of $40.83. The company’s 50-day moving average is $35.96 and its 200-day moving average is $37.26.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, September 1st were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Wednesday, August 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is 34.57%.
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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