Brokerages Expect Cathay General Bancorp (CATY) Will Announce Earnings of $0.80 Per Share

Equities analysts forecast that Cathay General Bancorp (NASDAQ:CATY) will report earnings of $0.80 per share for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Cathay General Bancorp’s earnings. The highest EPS estimate is $0.82 and the lowest is $0.77. Cathay General Bancorp reported earnings per share of $0.61 during the same quarter last year, which indicates a positive year over year growth rate of 31.1%. The company is scheduled to announce its next quarterly earnings results on Wednesday, April 18th.

According to Zacks, analysts expect that Cathay General Bancorp will report full year earnings of $3.15 per share for the current year, with EPS estimates ranging from $3.10 to $3.22. For the next fiscal year, analysts forecast that the company will post earnings of $3.38 per share, with EPS estimates ranging from $3.30 to $3.43. Zacks Investment Research’s EPS averages are a mean average based on a survey of research firms that cover Cathay General Bancorp.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Tuesday, January 30th. The bank reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.02). The business had revenue of $143.51 million for the quarter, compared to the consensus estimate of $139.43 million. Cathay General Bancorp had a net margin of 28.74% and a return on equity of 10.47%. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS.

CATY has been the topic of a number of analyst reports. BMO Capital Markets upped their target price on Cathay General Bancorp from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. Sandler O’Neill reaffirmed a “hold” rating and set a $45.00 target price on shares of Cathay General Bancorp in a research note on Thursday, January 4th. Zacks Investment Research cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. ValuEngine cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Finally, BidaskClub raised Cathay General Bancorp from a “hold” rating to a “buy” rating in a research note on Tuesday, January 16th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $45.13.

Cathay General Bancorp (CATY) opened at $41.39 on Friday. The company has a market capitalization of $3,436.35, a P/E ratio of 18.99, a PEG ratio of 1.68 and a beta of 1.38. Cathay General Bancorp has a 52 week low of $34.00 and a 52 week high of $45.59. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.04 and a current ratio of 1.04.

In related news, EVP Kim R. Bingham sold 3,800 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $44.71, for a total value of $169,898.00. Following the completion of the sale, the executive vice president now owns 21,803 shares in the company, valued at $974,812.13. The sale 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 33,045 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $44.36, for a total value of $1,465,876.20. Following the completion of the sale, the insider now owns 12,976 shares of the company’s stock, valued at approximately $575,615.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,904 shares of company stock worth $4,443,752. Insiders own 5.76% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. OxFORD Asset Management LLP boosted its holdings in shares of Cathay General Bancorp by 84.2% in the second quarter. OxFORD Asset Management LLP now owns 10,957 shares of the bank’s stock valued at $416,000 after purchasing an additional 5,009 shares during the period. Koch Industries Inc. boosted its holdings in shares of Cathay General Bancorp by 6,239.0% in the second quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock valued at $402,000 after purchasing an additional 406,471 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Cathay General Bancorp by 4.6% in the third quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock valued at $49,860,000 after purchasing an additional 54,780 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Cathay General Bancorp by 2.9% in the third quarter. Nordea Investment Management AB now owns 165,400 shares of the bank’s stock valued at $6,649,000 after purchasing an additional 4,600 shares during the period. Finally, Empire Life Investments Inc. purchased a new stake in shares of Cathay General Bancorp in the third quarter valued at approximately $2,665,000. Hedge funds and other institutional investors own 67.79% of the company’s stock.

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About Cathay General Bancorp

Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.

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Earnings History and Estimates for Cathay General Bancorp (NASDAQ:CATY)

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