Cathay General Bancorp (NASDAQ:CATY – Get Rating) – Equities researchers at DA Davidson dropped their Q1 2023 earnings estimates for Cathay General Bancorp in a note issued to investors on Wednesday, April 5th. DA Davidson analyst G. Tenner now anticipates that the bank will post earnings of $1.34 per share for the quarter, down from their previous forecast of $1.37. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $5.12 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2024 earnings at $4.92 EPS.
Several other analysts have also issued reports on CATY. StockNews.com initiated coverage on shares of Cathay General Bancorp in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Piper Sandler decreased their target price on shares of Cathay General Bancorp from $47.00 to $46.00 and set a “neutral” rating on the stock in a report on Thursday, January 26th. Stephens upped their target price on shares of Cathay General Bancorp from $43.00 to $44.00 in a report on Thursday, January 26th. Finally, Truist Financial decreased their target price on shares of Cathay General Bancorp from $46.00 to $39.00 and set a “hold” rating on the stock in a report on Thursday, March 23rd.
Cathay General Bancorp Stock Performance
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The bank reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.06). Cathay General Bancorp had a net margin of 39.71% and a return on equity of 14.80%. The business had revenue of $213.90 million during the quarter, compared to the consensus estimate of $217.67 million. During the same period last year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 22.0% on a year-over-year basis.
Hedge Funds Weigh In On Cathay General Bancorp
A number of institutional investors have recently made changes to their positions in CATY. Lazard Asset Management LLC increased its holdings in shares of Cathay General Bancorp by 41.4% in the 4th quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock worth $52,000 after buying an additional 374 shares during the last quarter. Covestor Ltd increased its holdings in shares of Cathay General Bancorp by 73.5% in the 1st quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock worth $52,000 after buying an additional 490 shares during the last quarter. State of Wyoming increased its holdings in shares of Cathay General Bancorp by 31.7% in the 4th quarter. State of Wyoming now owns 1,321 shares of the bank’s stock worth $54,000 after buying an additional 318 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Cathay General Bancorp in the 2nd quarter valued at $54,000. Finally, Picton Mahoney Asset Management purchased a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at $66,000. Institutional investors own 67.15% of the company’s stock.
Insider Buying and Selling
In other news, Vice Chairman Anthony M. Tang sold 5,000 shares of the stock in a transaction on Tuesday, February 7th. The shares were sold at an average price of $45.20, for a total value of $226,000.00. Following the transaction, the insider now owns 208,964 shares of the company’s stock, valued at approximately $9,445,172.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.30% of the stock is currently owned by insiders.
Cathay General Bancorp Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, March 9th. Investors of record on Monday, February 27th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date was Friday, February 24th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 28.04%.
Cathay General Bancorp Company Profile
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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