Analysts expect that Cathay General Bancorp (NASDAQ:CATY) will announce earnings per share (EPS) of $0.80 for the current quarter, Zacks reports. Four analysts have provided estimates for Cathay General Bancorp’s earnings, with the highest EPS estimate coming in at $0.81 and the lowest estimate coming in at $0.78. Cathay General Bancorp reported earnings per share of $0.61 in the same quarter last year, which would indicate a positive year over year growth rate of 31.1%. The company is expected to announce its next quarterly earnings report on Tuesday, January 29th.
On average, analysts expect that Cathay General Bancorp will report full-year earnings of $3.35 per share for the current financial year, with EPS estimates ranging from $3.32 to $3.37. For the next fiscal year, analysts forecast that the firm will report earnings of $3.52 per share, with EPS estimates ranging from $3.42 to $3.58. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, October 17th. The bank reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. Cathay General Bancorp had a net margin of 33.74% and a return on equity of 12.64%. The firm had revenue of $152.92 million for the quarter, compared to the consensus estimate of $153.90 million. During the same period in the previous year, the firm posted $0.61 EPS.
CATY has been the topic of several analyst reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 price target on shares of Cathay General Bancorp in a report on Friday, July 20th. ValuEngine upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Monday, October 8th. BidaskClub upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. Finally, Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Friday, July 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $47.64.
NASDAQ:CATY traded up $0.14 during mid-day trading on Wednesday, hitting $38.95. 348,500 shares of the stock traded hands, compared to its average volume of 387,289. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 15.83, a PEG ratio of 1.44 and a beta of 1.28. Cathay General Bancorp has a 52 week low of $35.73 and a 52 week high of $45.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.
Cathay General Bancorp declared that its Board of Directors has approved a stock repurchase plan on Friday, October 26th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 1.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 9,781 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $42.50, for a total value of $415,692.50. Following the completion of the sale, the insider now directly owns 268,225 shares of the company’s stock, valued at approximately $11,399,562.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Lisa L. Kim sold 750 shares of the business’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $42.06, for a total transaction of $31,545.00. Following the completion of the sale, the executive vice president now directly owns 805 shares of the company’s stock, valued at $33,858.30. The disclosure for this sale can be found here. Insiders have sold a total of 20,531 shares of company stock worth $872,238 over the last quarter. 4.90% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Glen Harbor Capital Management LLC boosted its position in Cathay General Bancorp by 14.2% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 10,808 shares of the bank’s stock valued at $438,000 after buying an additional 1,344 shares during the period. Arizona State Retirement System boosted its position in Cathay General Bancorp by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 53,019 shares of the bank’s stock valued at $2,147,000 after buying an additional 1,437 shares during the period. Sterling Capital Management LLC boosted its position in Cathay General Bancorp by 4.5% in the 2nd quarter. Sterling Capital Management LLC now owns 37,231 shares of the bank’s stock valued at $1,507,000 after buying an additional 1,616 shares during the period. Ramsey Quantitative Systems boosted its position in Cathay General Bancorp by 29.2% in the 2nd quarter. Ramsey Quantitative Systems now owns 7,499 shares of the bank’s stock valued at $304,000 after buying an additional 1,697 shares during the period. Finally, Alps Advisors Inc. boosted its position in Cathay General Bancorp by 16.0% in the 2nd quarter. Alps Advisors Inc. now owns 12,900 shares of the bank’s stock valued at $544,000 after buying an additional 1,775 shares during the period. 70.69% of the stock is owned by institutional investors.
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.
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