Zacks: Analysts Anticipate Cathay General Bancorp (CATY) to Post $0.63 EPS
Equities analysts expect Cathay General Bancorp (NASDAQ:CATY) to report earnings per share of $0.63 for the current quarter, Zacks reports. Three analysts have provided estimates for Cathay General Bancorp’s earnings, with the highest EPS estimate coming in at $0.65 and the lowest estimate coming in at $0.61. Cathay General Bancorp posted earnings per share of $0.60 during the same quarter last year, which would suggest a positive year over year growth rate of 5%. The company is scheduled to issue its next quarterly earnings report on Wednesday, January 24th.
On average, analysts expect that Cathay General Bancorp will report full-year earnings of $2.49 per share for the current financial year, with EPS estimates ranging from $2.47 to $2.51. For the next year, analysts forecast that the firm will post earnings of $2.71 per share, with EPS estimates ranging from $2.67 to $2.79. Zacks Investment Research’s EPS calculations are an average based on a survey of analysts that that provide coverage for Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The company had revenue of $146.20 million during the quarter, compared to the consensus estimate of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. Cathay General Bancorp’s revenue was up 29.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.58 EPS.
Several equities analysts have weighed in on the company. BidaskClub downgraded Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 12th. SunTrust Banks, Inc. began coverage on Cathay General Bancorp in a research note on Friday, August 18th. They issued a “hold” rating and a $39.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $37.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, July 25th. Zacks Investment Research cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research note on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $42.14.
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Cathay General Bancorp (NASDAQ:CATY) traded up $0.58 during midday trading on Tuesday, reaching $41.25. The company’s stock had a trading volume of 371,109 shares, compared to its average volume of 389,357. The firm has a market cap of $3,241.69, a P/E ratio of 16.11, a P/E/G ratio of 2.01 and a beta of 1.34. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.05 and a current ratio of 1.05. Cathay General Bancorp has a 52 week low of $34.00 and a 52 week high of $42.64.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, December 1st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.33%. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.21. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.15%.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Cathay General Bancorp by 7.0% during the second quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock worth $322,995,000 after purchasing an additional 554,856 shares during the last quarter. State Street Corp lifted its stake in Cathay General Bancorp by 6.3% during the second quarter. State Street Corp now owns 3,810,885 shares of the bank’s stock worth $144,623,000 after purchasing an additional 227,348 shares during the last quarter. Northern Trust Corp lifted its stake in Cathay General Bancorp by 11.9% during the second quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock worth $92,992,000 after purchasing an additional 261,148 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Cathay General Bancorp by 0.5% during the third quarter. Bank of New York Mellon Corp now owns 1,469,247 shares of the bank’s stock worth $59,065,000 after purchasing an additional 7,251 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in Cathay General Bancorp by 4.6% during the third quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock worth $49,860,000 after purchasing an additional 54,780 shares during the last quarter. Hedge funds and other institutional investors own 67.94% of the company’s stock.
Cathay General Bancorp Company Profile
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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