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Cathay General Bancorp (NASDAQ:CATY – Get Rating) – Analysts at DA Davidson issued their Q1 2023 EPS estimates for shares of Cathay General Bancorp in a report issued on Thursday, January 26th. DA Davidson analyst G. Tenner anticipates that the bank will post earnings of $1.37 per share for the quarter. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.90 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2023 earnings at $5.44 EPS and FY2024 earnings at $5.36 EPS.
Several other research analysts have also weighed in on the stock. Piper Sandler lowered their price objective on shares of Cathay General Bancorp from $47.00 to $46.00 and set a “neutral” rating on the stock in a research note on Thursday. Stephens boosted their price objective on shares of Cathay General Bancorp from $43.00 to $44.00 in a report on Thursday. Finally, StockNews.com downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, November 22nd.
Cathay General Bancorp Stock Down 2.1 %
Cathay General Bancorp stock opened at $41.99 on Friday. The firm has a market capitalization of $3.12 billion, a PE ratio of 9.33 and a beta of 1.17. The company’s 50-day moving average is $42.70 and its 200-day moving average is $42.48. Cathay General Bancorp has a fifty-two week low of $37.37 and a fifty-two week high of $48.88. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.04 and a quick ratio of 1.04.
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last issued 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 41.20% and a return on equity of 13.93%. The business had revenue of $213.90 million during the quarter, compared to analyst estimates of $217.67 million. During the same quarter in the previous year, the firm posted $0.98 earnings per share. The firm’s quarterly revenue was up 22.0% on a year-over-year basis.
Institutional Investors Weigh In On Cathay General Bancorp
Several large investors have recently modified their holdings of CATY. PNC Financial Services Group Inc. boosted its stake in Cathay General Bancorp by 29.3% during the first quarter. PNC Financial Services Group Inc. now owns 12,156 shares of the bank’s stock worth $543,000 after acquiring an additional 2,754 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Cathay General Bancorp by 8.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,762 shares of the bank’s stock worth $1,242,000 after acquiring an additional 2,159 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Cathay General Bancorp by 8.8% during the first quarter. Great West Life Assurance Co. Can now owns 43,851 shares of the bank’s stock worth $2,014,000 after acquiring an additional 3,548 shares in the last quarter. Yousif Capital Management LLC boosted its stake in Cathay General Bancorp by 1.7% during the first quarter. Yousif Capital Management LLC now owns 40,851 shares of the bank’s stock worth $1,828,000 after acquiring an additional 666 shares in the last quarter. Finally, Aviva PLC bought a new position in Cathay General Bancorp during the first quarter worth $2,136,000. 67.15% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Cathay General Bancorp
In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 2,905 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $45.05, for a total value of $130,870.25. Following the completion of the transaction, the insider now directly owns 392,347 shares in the company, valued at approximately $17,675,232.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 2,905 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $45.05, for a total value of $130,870.25. Following the completion of the transaction, the insider now directly owns 392,347 shares in the company, valued at approximately $17,675,232.35. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Anthony M. Tang sold 10,000 shares of the stock in a transaction on Friday, December 9th. The stock was sold at an average price of $43.24, for a total transaction of $432,400.00. Following the sale, the insider now owns 213,964 shares of the company’s stock, valued at $9,251,803.36. The disclosure for this sale can be found here. Insiders sold a total of 17,905 shares of company stock valued at $790,170 in the last quarter. Insiders own 4.30% of the company’s stock.
Cathay General Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 9th. Investors of record on Tuesday, November 29th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.24%. The ex-dividend date was Monday, November 28th. Cathay General Bancorp’s payout ratio is 30.22%.
Cathay General Bancorp Company Profile
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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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