Cathay General Bancorp (NASDAQ:CATY – Get Rating) – Research analysts at DA Davidson issued their Q2 2023 earnings per share estimates for shares of Cathay General Bancorp in a research report issued to clients and investors on Friday, April 21st. DA Davidson analyst G. Tenner expects that the bank will post earnings per share of $1.15 for the quarter. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.87 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2023 earnings at $4.68 EPS and FY2024 earnings at $4.81 EPS.
Several other analysts have also issued reports on the company. StockNews.com initiated coverage on Cathay General Bancorp in a report on Thursday, March 16th. They set a “hold” rating on the stock. Piper Sandler lowered their price objective on Cathay General Bancorp from $35.00 to $34.00 in a research report on Friday. Truist Financial decreased their price objective on Cathay General Bancorp from $46.00 to $39.00 and set a “hold” rating for the company in a report on Thursday, March 23rd. Keefe, Bruyette & Woods dropped their price objective on Cathay General Bancorp from $50.00 to $40.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Finally, Stephens upped their price target on shares of Cathay General Bancorp from $43.00 to $44.00 in a report on Thursday, January 26th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, Cathay General Bancorp presently has a consensus rating of “Hold” and a consensus price target of $40.80.
Cathay General Bancorp Trading Down 0.5 %
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last announced its earnings results on Thursday, April 20th. The bank reported $1.32 EPS for the quarter, beating the consensus estimate of $1.29 by $0.03. The business had revenue of $299.63 million during the quarter, compared to the consensus estimate of $206.73 million. Cathay General Bancorp had a return on equity of 15.63% and a net margin of 37.58%. During the same period in the prior year, the business posted $0.99 earnings per share.
Cathay General Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Stockholders 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 dividend yield of 4.10%. The ex-dividend date of this dividend was Friday, February 24th. Cathay General Bancorp’s dividend payout ratio is presently 26.25%.
Insider Transactions at Cathay General Bancorp
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 5,000 shares of Cathay General Bancorp stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $45.20, for a total value of $226,000.00. Following the completion of the transaction, the insider now directly owns 208,964 shares of the company’s stock, valued at approximately $9,445,172.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.30% of the company’s stock.
Institutional Investors Weigh In On Cathay General Bancorp
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Proficio Capital Partners LLC acquired a new stake in shares of Cathay General Bancorp in the first quarter valued at about $32,000. Lazard Asset Management LLC lifted its holdings in 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 in the last quarter. Covestor Ltd raised its holdings in Cathay General Bancorp by 73.5% in the first quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock valued at $52,000 after acquiring an additional 490 shares in the last quarter. State of Wyoming grew its position 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 acquiring an additional 318 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at about $54,000. 67.15% of the stock is owned by hedge funds and other 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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