Wall Street analysts expect Cathay General Bancorp (NASDAQ: CATY) to announce revenue of $ 163.70 million for the current fiscal quarter, reports Zacks Investment Research. Three analysts have estimated Cathay General Bancorp’s earnings, with estimates ranging between $ 163.10 million and $ 164.00 million. Cathay General Bancorp had revenues of $ 147.48 million in the year-ago quarter, indicating a positive growth rate of 11% year over year. The company is expected to release its next quarterly earnings report on Monday, October 25th.
According to Zacks, analysts expect Cathay General Bancorp to report total annual sales of $ 641.90 million for the current fiscal year, with estimates ranging between $ 641.70 million and $ 642.00 million. For the next fiscal year, analysts expect sales of 688.87 million US dollars, with estimates ranging between 671.50 million US dollars and 703.00 million US dollars. Zacks’ revenue calculations are based on a survey of research analysts covering Cathay General Bancorp.
Cathay General Bancorp (NASDAQ: CATY) last released its earnings numbers on Sunday, July 25th. The bank reported $ 0.97 EPS for the quarter, beating Zacks’ consensus estimate of $ 0.83 by $ 0.14. Cathay General Bancorp achieved a net margin of 39.05% and a return on equity of 11.47%. The company had revenue of $ 160.58 million for the quarter, compared to analyst expectations of $ 156.05 million.
CATY has been the subject of a number of recent research reports. Truist Securities raised its target price on Cathay General Bancorp from $ 40.00 to $ 44.00 and gave the stock a “hold” rating in a research note on Monday, August 30th. Zacks Investment Research upgraded Cathay General Bancorp’s stock from a “hold” rating to a “buy” rating and set a price target of $ 45.00 for the company in a research report on Wednesday September 1st . Truist raised its target price on shares of Cathay General Bancorp from $ 40.00 to $ 44.00 and rated the company a “hold” in a report on Monday, August 30th. Finally, on Wednesday, July 28th, DA Davidson issued a “neutral” rating for the shares of Cathay General Bancorp in a research note. Four analysts have given the stock a hold rating and one has given the company’s stock a buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $ 45.00.
CATY stock opened at $ 42.03 on Tuesday. Cathay General Bancorp has a 1-year low of $ 22.12 and a 1-year high of $ 45.19. The company has a debt of 0.07, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market cap of $ 3.29 billion, a P / E 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 9th. Shareholders of record on Monday, August 30th, received a dividend of $ 0.31. The ex-dividend date of this dividend was Friday, August 27th. This equates to an annual dividend of $ 1.24 and a yield of 2.95%. Cathay General Bancorp’s payout ratio is currently 43.21%.
In related news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp in a transaction that occurred on Friday, August 27. The shares were sold at an average price of $ 39.74 for a total value of $ 794,800.00. 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.
Several institutional investors and hedge funds recently changed their holdings in the company. Invesco Ltd. increased its stake in Cathay General Bancorp by 5.6% in the second quarter. Invesco Ltd. now owns 994,467 shares in the bank valued at $ 39,142,000 after purchasing an additional 52,863 shares during the period. Metropolitan Life Insurance Co NY increased its position in Cathay General Bancorp by 105,087.9% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 34,712 shares in the bank valued at $ 1,366,000 after purchasing an additional 34,679 shares during the reporting period. Millennium Management LLC increased its stake 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. 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 in the bank valued at $ 1,109,000 after purchasing an additional 1,301 shares during the period. Eventually, Balyasny Asset Management LLC acquired a new stake in Cathay General Bancorp for $ 6,280,000 in the second quarter. 68.73% of the shares are currently owned by institutional investors and hedge funds.
About Cathay General Bancorp
Cathay General Bancorp is a holding company that provides financial services. It offers 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.
See also: What is a Reverse Stock Split?
Get a free copy of the Zacks Research Report on Cathay General Bancorp (CATY)
For more information on Zacks Investment Research’s research offerings, please visit Zacks.com
This instant news alert was generated through narrative science technology and financial data from MarketBeat to provide the fastest, most accurate coverage to readers. This story has been reviewed by the editorial staff of MarketBeat prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $ 1,000 in Cathay General Bancorp now?
Before you consider Cathay General Bancorp, this is what you should hear.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat identified the five stocks that top analysts are quietly whispering to their customers to buy now before the broader market takes hold … and Cathay General Bancorp wasn’t on the list.
While Cathay General Bancorp currently has a “hold” rating from analysts, top-rated analysts are holding these five stocks for better buys.
Check out the 5 stocks here