Zacks: Analysts Predict Cathay General Bancorp (NASDAQ: CATY) to Report Quarterly Sales of $ 163.70 Million
Wall Street analysts expect Cathay General Bancorp (NASDAQ: CATY) to report sales of $ 163.70 million for the current fiscal quarter, Zacks investment research reports. Three analysts have made estimates for Cathay General Bancorp’s earnings, with estimates ranging from $ 163.10 million to $ 164.00 million. Cathay General Bancorp posted sales of $ 147.48 million in the same quarter last year, suggesting a positive year-over-year growth rate of 11%. The company is expected to release its next quarterly earnings report on Monday, October 25.
Zacks says analysts expect Cathay General Bancorp to report annual revenue of $ 641.90 million for the current fiscal year, with estimates ranging from $ 641.70 million to $ 642.00 millions of dollars. For the next fiscal year, analysts predict the company will post sales of $ 688.87 million, with estimates ranging from $ 671.50 million to $ 703.00 million. Zacks’ sales calculations are an average based on a survey of research analysts who provide coverage for Cathay General Bancorp.
Cathay General Bancorp (NASDAQ: CATY) last released its results on Sunday, July 25. The bank announced EPS of $ 0.97 for the quarter, beating the Zacks consensus estimate of $ 0.83 by $ 0.14. Cathay General Bancorp had a net margin of 39.05% and a return on equity of 11.47%. The company posted revenue of $ 160.58 million in the quarter, compared to analysts’ expectations of $ 156.05 million.
CATY has been the subject of a number of recent research reports. Truist Securities raised its price target on Cathay General Bancorp from $ 40.00 to $ 44.00 and assigned a “hold” rating to the stock in a research note on Monday, August 30. Zacks investment research Upgraded Cathay General Bancorp shares from a “hold” rating to a “buy” rating and set a price target of $ 45 for the company in a research report released Wednesday, September 1. Truist increased its target price on Cathay General Bancorp shares from $ 40.00 to $ 44.00 and gave the company a “conservation” rating in a report released on Monday, August 30. Finally, DA Davidson reissued a “neutral” rating on Cathay General Bancorp shares in a research note on Wednesday, July 28. Four analysts rated the stock with a conservation rating and one issued a buy rating for the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $ 45.
CATY stock opened at $ 42.03 on Tuesday. Cathay General Bancorp has a one-year low at $ 22.12 and a one-year high at $ 45.19. The company has a debt to equity ratio of 0.07, a current ratio of 1.05, and a rapid ratio of 1.05. The company has a market cap of $ 3.29 billion, a PE ratio of 12.04 and a beta of 1.51. The company has a 50-day simple moving average of $ 39.51 and a 200-day simple moving average of $ 40.20.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 9. Shareholders of record on Monday, August 30, received a dividend of $ 0.31. The ex-dividend date of this dividend was Friday, August 27. This represents a dividend of $ 1.24 on an annualized basis and a return of 2.95%. Cathay General Bancorp’s payout ratio is currently 43.21%.
In related news, vice president Peter Wu sold 20,000 shares of Cathay General Bancorp in a transaction that took place on Friday August 27th. The shares were sold for an average price of $ 39.74, for a total value of $ 794,800.00. The transaction was disclosed in a file with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.23% of the company’s shares.
Several institutional investors and hedge funds have recently changed their holdings in the company. Invesco Ltd. increased its stake in Cathay General Bancorp shares by 5.6% in the second quarter. Invesco Ltd. now owns 994,467 shares of the bank valued at $ 39,142,000 after purchasing an additional 52,863 shares during the period. Metropolitan Life Insurance Co NY strengthened its position in Cathay General Bancorp by 105,087.9% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 34,712 shares of the bank valued at $ 1,366,000 after purchasing an additional 34,679 shares during the period. Millennium Management LLC increased its stake in the shares of Cathay General Bancorp by 284.5% in the second quarter. Millennium Management LLC now owns 322,756 shares of the bank valued at $ 12,704,000 after acquiring an additional 238,814 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Cathay General Bancorp shares by 4.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 28,173 shares of the bank valued at $ 1,109,000 after acquiring an additional 1,301 shares during the period. Finally, Balyasny Asset Management LLC purchased a new equity stake in Cathay General Bancorp during the second quarter for a value of $ 6,280,000. 68.73% of the shares are currently held by institutional investors and hedge funds.
About Cathay General Bancorp
Cathay General Bancorp is a holding company which provides financial services. It offers commercial mortgages, commercial loans, small business administration loans, residential mortgages, real estate construction loans, home equity lines of credit and personal installment loans for expenses. automobiles, housework and other consumer expenses.
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