Wall Street analysts expect Cathay General Bancorp (NASDAQ: CATY) to report revenue of $ 165.43 million for the current quarter, reports Zacks Investment Research. Three analysts have given estimates of Cathay General Bancorp’s earnings. The lowest revenue estimate is $ 164.40 million and the highest is $ 166.00 million. Cathay General Bancorp had sales of 151.27 million US dollars in the same quarter of the previous year, which would mean a positive growth rate of 9.4% over the previous year. The company is expected to announce its next quarterly results on Wednesday, January 26th.
According to Zacks, analysts expect Cathay General Bancorp to post total annual sales of $ 643.10 million for the current year, with estimates ranging between $ 643.00 million and $ 643.30 million. For the next fiscal year, analysts expect sales of 699.60 million US dollars, with estimates ranging between 691.90 million US dollars and 705.20 million US dollars. Zacks’ sales averages are an average based on a survey of sell-side research firms covering Cathay General Bancorp.
Cathay General Bancorp (NASDAQ: CATY) last released its quarterly results on Sunday, October 24th. The bank reported earnings per share of $ 0.93 for the quarter, beating Zacks’ consensus estimate of $ 0.91 by $ 0.02. Cathay General Bancorp achieved a net margin of 41.32% and a return on equity of 12.00%. The company had revenue of $ 164.70 million for the quarter, compared to analyst expectations of $ 164.30 million. In the same period last year, the company achieved $ 0.71 EPS. The company’s revenue increased 2.6% year over year for the quarter.
A number of stock analysts recently looked into CATY stock. Truist Securities raised its target price on Cathay General Bancorp’s shares from $ 40.00 to $ 44.00 and gave the stock a “hold” rating in a research note on Monday, August 30th. Zacks Investment Research moved Cathay General Bancorp’s shares from a “buy” rating to a “hold” rating in a research release on Wednesday October 27th. Finally, Truist raised his price target on Cathay General Bancorp’s shares from $ 40.00 to $ 44.00 and gave the company a hold on Monday the 30. Five analysts gave the stock a hold rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $ 45.00.
In related news, EVP Kim R. Bingham sold 3,000 shares of the stock in a transaction that occurred on Friday, October 29th. The shares were sold at an average price of $ 42.68 for a total transaction of $ 128,040.00. The transaction was announced in a filing with the Securities & Exchange Commission, which is available on the SEC website. Company insiders own 4.23% of the company’s stock.
A number of major investors recently changed their holdings in CATY. Amundi acquired a new stake in Cathay General Bancorp for approximately $ 15,353,000 in the second quarter. FMR LLC added 19.6% to its position in Cathay General Bancorp in the second quarter. FMR LLC now owns 1,549,096 shares in the bank valued at $ 60,972,000 after acquiring an additional 253,749 shares last quarter. State Street Corp increased its position in Cathay General Bancorp by 6.9% in the second quarter. State Street Corp now owns 3,727,585 shares in the bank valued at $ 146,718,000 after purchasing an additional 241,094 shares last quarter. Millennium Management LLC increased its position in Cathay General Bancorp by 284.5% in the second quarter. Millennium Management LLC now owns 322,756 shares in the bank valued at $ 12,704,000 after acquiring an additional 238,814 shares last quarter. Finally, Nordea Investment Management AB increased its position in Cathay General Bancorp by 98.6% in the third quarter. Nordea Investment Management AB now owns 395,574 shares in the bank valued at 16,720,000 after purchasing an additional 196,350 shares in the last quarter. 68.71% of the shares are owned by institutional investors.
NASDAQ: CATY opened at $ 41.91 on Wednesday. The company has a debt of 0.07, a quick ratio of 1.04 and a current ratio of 1.04. Cathay General Bancorp has a 52-week low of $ 28.10 and a 52-week high of $ 46.42. The company has a market cap of $ 3.24 billion, a P / E of 11.30, and a beta of 1.41. The fifty-day moving average for the stock is $ 42.48.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 9th. Shareholders of record on Monday November 29th will receive a dividend of $ 0.44. This equates to a dividend of $ 1.76 on an annual basis and a yield of 4.20%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $ 0.31. The ex-dividend date of this dividend is Friday November 26th. Cathay General Bancorp’s payout ratio is 36.66%.
About Cathay General Bancorp
Cathay General Bancorp is a holding company that provides financial services. It provides commercial mortgage loans, commercial loans, small business management loans, residential mortgage loans, home construction loans, home equity lines, and personal installment loans for automotive, household, and other consumer spending.
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