Zacks: Analysts Anticipate Cathay General Bancorp (CATY) Will Post Quarterly Sales of $140.07 Million
Brokerages expect Cathay General Bancorp (NASDAQ:CATY) to report sales of $140.07 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Cathay General Bancorp’s earnings, with estimates ranging from $139.20 million to $141.00 million. Cathay General Bancorp posted sales of $117.86 million during the same quarter last year, which would indicate a positive year over year growth rate of 18.8%. The firm is scheduled to issue its next quarterly earnings report on Wednesday, January 24th.
According to Zacks, analysts expect that Cathay General Bancorp will report full year sales of $140.07 million for the current year, with estimates ranging from $524.00 million to $529.00 million. For the next year, analysts expect that the business will report sales of $586.13 million per share, with estimates ranging from $578.20 million to $596.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The business had revenue of $146.20 million during the quarter, compared to analysts’ expectations of $135.27 million. During the same quarter last year, the business posted $0.58 earnings per share. The business’s revenue for the quarter was up 29.8% on a year-over-year basis.
A number of research analysts have recently weighed in on the company. Royal Bank Of Canada raised their price target on Cathay General Bancorp from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, October 26th. Piper Jaffray Companies restated a “buy” rating and issued a $43.00 price target on shares of Cathay General Bancorp in a research report on Friday, September 1st. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research report on Monday, September 18th. SunTrust Banks assumed coverage on Cathay General Bancorp in a research report on Friday, August 18th. They issued a “hold” rating and a $39.00 price target for the company. Finally, BMO Capital Markets restated a “buy” rating and issued a $44.00 price target on shares of Cathay General Bancorp in a research report on Thursday, October 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.14.
In related news, COO Irwin Wong sold 10,000 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total transaction of $431,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.76% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. boosted 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 boosted its stake in Cathay General Bancorp by 0.8% in the 2nd quarter. Great West Life Assurance Co. Can now owns 44,923 shares of the bank’s stock worth $1,704,000 after buying an additional 346 shares during the last quarter. OxFORD Asset Management LLP boosted its stake in Cathay General Bancorp by 84.2% in the 2nd quarter. OxFORD Asset Management LLP now owns 10,957 shares of the bank’s stock worth $416,000 after buying an additional 5,009 shares during the last quarter. Koch Industries Inc. boosted its stake in Cathay General Bancorp by 6,239.0% in the 2nd quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock worth $402,000 after buying an additional 406,471 shares during the last quarter. Finally, Laurion Capital Management LP acquired a new stake in Cathay General Bancorp in the 2nd quarter worth about $687,000. 67.60% of the stock is currently owned by institutional investors and hedge funds.
Cathay General Bancorp (NASDAQ CATY) opened at $43.54 on Monday. Cathay General Bancorp has a 52-week low of $34.00 and a 52-week high of $45.54. The firm has a market capitalization of $3,518.90, a price-to-earnings ratio of 17.49, a PEG ratio of 2.19 and a beta of 1.34. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.05.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, December 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.20%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.21. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 39.02%.
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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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