Cathay General Bancorp (NASDAQ:CATY) - Research analysts at Piper Sandler dropped their FY2021 earnings per share (EPS) estimates for Cathay General Bancorp in a research report issued on Wednesday, November 3rd. Piper Sandler analyst M. Clark now expects that the bank will post earnings per share of $3.71 for the year, down from their prior forecast of $3.77. Piper Sandler also issued estimates for Cathay General Bancorp's Q4 2021 earnings at $0.90 EPS, Q1 2022 earnings at $0.87 EPS, Q2 2022 earnings at $0.94 EPS, Q3 2022 earnings at $0.96 EPS, Q4 2022 earnings at $0.97 EPS, FY2022 earnings at $3.75 EPS, Q1 2023 earnings at $0.92 EPS, Q2 2023 earnings at $0.98 EPS, Q3 2023 earnings at $1.04 EPS and FY2023 earnings at $4.03 EPS. Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Sunday, October 24th. The bank reported $0.93 EPS for the quarter, topping the consensus estimate of $0.91 by $0.02. The business had revenue of $164.70 million during the quarter, compared to the consensus estimate of $164.30 million. Cathay General Bancorp had a net margin of 41.32% and a return on equity of 12.00%. Cathay General Bancorp's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.71 EPS.
Several other research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Cathay General Bancorp from a "buy" rating to a "hold" rating in a research note on Wednesday, October 27th. Truist Securities increased 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. Truist lifted their target price on shares of Cathay General Bancorp from $40.00 to $44.00 and gave the company a "hold" rating in a research report on Monday, August 30th. Finally, DA Davidson reissued a "neutral" rating on shares of Cathay General Bancorp in a research note on Wednesday, July 28th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Cathay General Bancorp presently has a consensus rating of "Hold" and a consensus target price of $45.00.
CATY stock opened at $43.90 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.04 and a quick ratio of 1.05. Cathay General Bancorp has a 1 year low of $23.51 and a 1 year high of $45.19. The company has a 50 day simple moving average of $40.67 and a 200 day simple moving average of $40.28. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 11.83 and a beta of 1.41.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. raised its holdings in shares of Cathay General Bancorp by 4.3% during the first quarter. UBS Asset Management Americas Inc. now owns 85,288 shares of the bank's stock worth $3,478,000 after acquiring an additional 3,516 shares during the period. Profund Advisors LLC bought a new stake in Cathay General Bancorp in the 1st quarter valued at about $258,000. Centiva Capital LP acquired a new position in shares of Cathay General Bancorp in the 1st quarter valued at approximately $372,000. Thrivent Financial for Lutherans raised its position in shares of Cathay General Bancorp by 1.5% in the 1st quarter. Thrivent Financial for Lutherans now owns 19,920 shares of the bank's stock valued at $812,000 after buying an additional 287 shares in the last quarter. Finally, Captrust Financial Advisors increased its position in Cathay General Bancorp by 34,398.0% during the 1st quarter. Captrust Financial Advisors now owns 51,747 shares of the bank's stock worth $2,110,000 after purchasing an additional 51,597 shares in the last quarter. 68.71% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Kim R. Bingham sold 3,000 shares of the company's stock in a transaction that occurred on Friday, October 29th. The stock was sold at an average price of $42.68, for a total transaction of $128,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of the company's stock in a transaction that occurred on Friday, August 27th. The stock was sold at an average price of $39.74, for a total value of $794,800.00. The disclosure for this sale can be found here. Insiders own 4.23% of the company's stock.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 9th. Shareholders of record on Monday, August 30th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.82%. The ex-dividend date was Friday, August 27th. Cathay General Bancorp's dividend payout ratio is presently 43.21%.
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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