Equities research analysts expect that Cathay General Bancorp (NASDAQ:CATY) will post sales of $154.13 million for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Cathay General Bancorp’s earnings. The highest sales estimate is $155.00 million and the lowest is $153.30 million. Cathay General Bancorp posted sales of $147.80 million in the same quarter last year, which would indicate a positive year over year growth rate of 4.3%. The firm is scheduled to announce its next earnings report after the market closes on Wednesday, July 17th.
According to Zacks, analysts expect that Cathay General Bancorp will report full-year sales of $626.63 million for the current financial year, with estimates ranging from $621.10 million to $629.00 million. For the next financial year, analysts forecast that the firm will report sales of $655.45 million, with estimates ranging from $645.50 million to $663.70 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.03. Cathay General Bancorp had a return on equity of 13.08% and a net margin of 36.43%. The firm had revenue of $156.24 million during the quarter, compared to analysts’ expectations of $153.10 million. During the same quarter in the previous year, the business earned $0.78 earnings per share.
A number of analysts recently commented on CATY shares. Zacks Investment Research cut First Merchants from a “hold” rating to a “sell” rating in a research report on Monday, July 1st. BidaskClub upgraded Westport Fuel Systems from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Piper Jaffray Companies set a $92.00 price objective on Wintrust Financial and gave the company a “buy” rating in a research report on Monday, July 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $46.00.
Cathay General Bancorp stock traded down $0.02 during mid-day trading on Friday, reaching $34.80. 308,800 shares of the stock traded hands, compared to its average volume of 444,807. The firm has a market capitalization of $2.88 billion, a PE ratio of 10.42, a PEG ratio of 1.29 and a beta of 1.24. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.29. Cathay General Bancorp has a 12-month low of $31.94 and a 12-month high of $43.53. The firm’s 50-day simple moving average is $35.01.
Cathay General Bancorp announced that its board has initiated a stock buyback plan on Tuesday, May 7th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the bank to buy up to 1.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
A number of large investors have recently added to or reduced their stakes in CATY. Principal Financial Group Inc. grew its holdings in Cathay General Bancorp by 107.5% during the first quarter. Principal Financial Group Inc. now owns 2,460,899 shares of the bank’s stock valued at $83,449,000 after purchasing an additional 1,274,721 shares during the period. Norges Bank bought a new position in shares of Cathay General Bancorp in the fourth quarter worth about $25,840,000. Ceredex Value Advisors LLC bought a new position in shares of Cathay General Bancorp in the first quarter worth about $17,827,000. JPMorgan Chase & Co. boosted its stake in shares of Cathay General Bancorp by 14.5% in the first quarter. JPMorgan Chase & Co. now owns 932,302 shares of the bank’s stock worth $31,614,000 after acquiring an additional 117,785 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in shares of Cathay General Bancorp by 18,717.3% in the first quarter. Acadian Asset Management LLC now owns 117,608 shares of the bank’s stock worth $3,990,000 after acquiring an additional 116,983 shares during the period. 71.58% of the stock is owned by institutional investors and hedge funds.
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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