Cathay General Bancorp (NASDAQ:CATY) – Wedbush upped their Q3 2018 earnings estimates for Cathay General Bancorp in a research report issued to clients and investors on Thursday, September 13th. Wedbush analyst D. Chiaverini now expects that the bank will post earnings of $0.86 per share for the quarter, up from their prior estimate of $0.85. Wedbush also issued estimates for Cathay General Bancorp’s FY2018 earnings at $3.38 EPS, Q1 2019 earnings at $0.87 EPS, Q4 2019 earnings at $0.93 EPS, FY2019 earnings at $3.67 EPS and Q1 2020 earnings at $0.94 EPS.
A number of other brokerages have also issued reports on CATY. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a research note on Tuesday, June 19th. BidaskClub raised Cathay General Bancorp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, September 11th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price target on shares of Cathay General Bancorp in a research note on Friday, July 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $47.31.
Shares of NASDAQ:CATY opened at $42.23 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33. Cathay General Bancorp has a 12-month low of $36.65 and a 12-month high of $45.59. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 17.25, a price-to-earnings-growth ratio of 1.59 and a beta of 1.28.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 18th. The bank reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. Cathay General Bancorp had a return on equity of 11.98% and a net margin of 31.65%. The firm had revenue of $147.80 million for the quarter, compared to analyst estimates of $147.85 million. During the same period last year, the company earned $0.64 EPS.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CATY. IFP Advisors Inc lifted its stake in shares of Cathay General Bancorp by 64.7% in the 1st quarter. IFP Advisors Inc now owns 4,548 shares of the bank’s stock valued at $182,000 after purchasing an additional 1,786 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Cathay General Bancorp in the 2nd quarter valued at about $219,000. Laurion Capital Management LP acquired a new position in shares of Cathay General Bancorp in the 2nd quarter valued at about $241,000. Signition LP acquired a new position in shares of Cathay General Bancorp in the 2nd quarter valued at about $270,000. Finally, Sciencast Management LP acquired a new position in shares of Cathay General Bancorp in the 1st quarter valued at about $299,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.
In other news, Vice Chairman Anthony M. Tang sold 11,510 shares of Cathay General Bancorp stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $42.50, for a total value of $489,175.00. Following the transaction, the insider now directly owns 283,272 shares of the company’s stock, valued at approximately $12,039,060. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa L. Kim sold 750 shares of Cathay General Bancorp stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $42.06, for a total value of $31,545.00. Following the completion of the transaction, the executive vice president now directly owns 805 shares in the company, valued at $33,858.30. The disclosure for this sale can be found here. Insiders sold a total of 44,330 shares of company stock worth $1,883,695 over the last ninety days. Corporate insiders own 4.90% of the company’s stock.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Tuesday, September 4th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Friday, August 31st. Cathay General Bancorp’s payout ratio is 39.02%.
About Cathay General Bancorp
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.
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