DA Davidson Comments on Cathay General Bancorp's Q2 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY - Free Report) - Investment analysts at DA Davidson issued their Q2 2024 earnings per share estimates for shares of Cathay General Bancorp in a research report issued on Tuesday, April 23rd. DA Davidson analyst G. Tenner forecasts that the bank will post earnings per share of $1.04 for the quarter. The consensus estimate for Cathay General Bancorp's current full-year earnings is $4.00 per share. DA Davidson also issued estimates for Cathay General Bancorp's FY2024 earnings at $4.15 EPS.

A number of other equities analysts also recently issued reports on the company. StockNews.com downgraded Cathay General Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, April 6th. Wedbush reaffirmed an "outperform" rating and issued a $44.00 price target on shares of Cathay General Bancorp in a report on Tuesday. Truist Financial lowered their price target on shares of Cathay General Bancorp from $46.00 to $40.00 and set a "hold" rating on the stock in a report on Monday, April 1st. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a "market perform" rating on the stock in a report on Tuesday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $39.40.

Cathay General Bancorp Stock Up 1.8 %

CATY stock traded up $0.64 during mid-day trading on Wednesday, reaching $35.53. 327,366 shares of the company traded hands, compared to its average volume of 359,013. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 7.86 and a beta of 1.12. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.25. Cathay General Bancorp has a fifty-two week low of $27.24 and a fifty-two week high of $45.72. The firm's 50 day moving average price is $37.83 and its 200 day moving average price is $38.81.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04). The firm had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.16%. During the same quarter in the prior year, the business earned $1.32 earnings per share.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.83%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp's dividend payout ratio (DPR) is 30.09%.

Insider Activity

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total value of $304,150.00. Following the completion of the transaction, the insider now directly owns 204,500 shares of the company's stock, valued at $8,885,525. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.76% of the company's stock.

Institutional Investors Weigh In On Cathay General Bancorp

A number of institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC purchased a new stake in Cathay General Bancorp in the fourth quarter worth approximately $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Cathay General Bancorp during the 3rd quarter valued at $109,000. Allspring Global Investments Holdings LLC raised its position in shares of Cathay General Bancorp by 16.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank's stock valued at $124,000 after purchasing an additional 491 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Cathay General Bancorp by 545.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank's stock valued at $148,000 after purchasing an additional 3,600 shares during the period. Finally, TFO Wealth Partners LLC raised its position in shares of Cathay General Bancorp by 22,160.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank's stock valued at $198,000 after purchasing an additional 4,432 shares during the period. Hedge funds and other institutional investors own 75.01% of the company's stock.

About Cathay General Bancorp

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.