$163.37 Million in Sales Expected for Cathay General Bancorp (NASDAQ:CATY) This Quarter

Brokerages expect that Cathay General Bancorp (NASDAQ:CATY) will post $163.37 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Cathay General Bancorp’s earnings, with the lowest sales estimate coming in at $163.00 million and the highest estimate coming in at $164.00 million. Cathay General Bancorp posted sales of $147.48 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 10.8%. The firm is expected to issue its next earnings results on Monday, October 25th.

On average, analysts expect that Cathay General Bancorp will report full-year sales of $641.57 million for the current year, with estimates ranging from $641.00 million to $642.00 million. For the next fiscal year, analysts anticipate that the company will post sales of $682.20 million, with estimates ranging from $671.50 million to $692.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Cathay General Bancorp.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Sunday, July 25th. The bank reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $160.58 million during the quarter, compared to the consensus estimate of $156.05 million.

Several equities research analysts have recently commented on the stock. DA Davidson reissued a “neutral” rating on shares of Cathay General Bancorp in a research report on Wednesday, July 28th. Truist Securities boosted their target price on shares of Cathay General Bancorp from $40.00 to $44.00 and gave the stock a “hold” rating in a research report on Monday, August 30th. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Wednesday, September 1st. Finally, Truist boosted their target price on shares of Cathay General Bancorp from $40.00 to $44.00 and gave the stock a “hold” rating in a research report on Monday, August 30th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $45.00.

CATY opened at $39.75 on Wednesday. Cathay General Bancorp has a 1-year low of $20.59 and a 1-year high of $45.19. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.11 billion, a P/E ratio of 11.39 and a beta of 1.51. The company has a fifty day moving average price of $38.70 and a two-hundred day moving average price of $40.35.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 9th. Shareholders of record on Monday, August 30th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend was Friday, August 27th. Cathay General Bancorp’s payout ratio is 43.21%.

In related news, Vice Chairman Peter Wu sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 27th. The shares were sold at an average price of $39.74, for a total transaction of $794,800.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 4.23% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Cathay General Bancorp by 3.2% in the 1st quarter. BlackRock Inc. now owns 9,438,671 shares of the bank’s stock valued at $384,910,000 after purchasing an additional 289,294 shares in the last quarter. Vanguard Group Inc. boosted its position in Cathay General Bancorp by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 7,396,002 shares of the bank’s stock valued at $291,107,000 after buying an additional 177,449 shares during the period. State Street Corp boosted its position in Cathay General Bancorp by 6.9% during the 2nd quarter. State Street Corp now owns 3,727,585 shares of the bank’s stock valued at $146,718,000 after buying an additional 241,094 shares during the period. Dimensional Fund Advisors LP boosted its position in Cathay General Bancorp by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,267,374 shares of the bank’s stock valued at $105,176,000 after buying an additional 23,257 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Cathay General Bancorp by 2.3% during the 2nd quarter. Principal Financial Group Inc. now owns 1,708,887 shares of the bank’s stock valued at $67,261,000 after buying an additional 38,696 shares during the period. 68.73% of the stock is owned by institutional investors.

About Cathay General Bancorp

Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.

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Earnings History and Estimates for Cathay General Bancorp (NASDAQ:CATY)

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