Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at Piper Jaffray Companies lowered their Q4 2018 EPS estimates for Cathay General Bancorp in a report released on Wednesday, September 12th, according to Zacks Investment Research. Piper Jaffray Companies analyst M. Clark now expects that the bank will post earnings of $0.75 per share for the quarter, down from their prior forecast of $0.76. Piper Jaffray Companies also issued estimates for Cathay General Bancorp’s Q1 2020 earnings at $0.90 EPS and Q2 2020 earnings at $0.88 EPS.
A number of other brokerages have also recently commented on CATY. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, June 19th. BidaskClub cut shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 20th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price objective on shares of Cathay General Bancorp in a research note on Friday, July 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus target price of $47.31.
NASDAQ:CATY traded up $0.01 during midday trading on Thursday, hitting $41.44. The company’s stock had a trading volume of 560,100 shares, compared to its average volume of 373,845. The company has a market cap of $3.39 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 1.59 and a beta of 1.28. Cathay General Bancorp has a fifty-two week low of $38.46 and a fifty-two week high of $45.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 18th. The bank reported $0.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.01. Cathay General Bancorp had a net margin of 31.65% and a return on equity of 11.98%. The company had revenue of $147.80 million for the quarter, compared to the consensus estimate of $147.85 million. During the same quarter in the prior year, the company earned $0.64 EPS.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Tuesday, September 4th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, August 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.32%. Cathay General Bancorp’s payout ratio is 39.02%.
In other news, Vice Chairman Anthony M. Tang sold 9,781 shares of the stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $42.50, for a total transaction of $415,692.50. Following the transaction, the insider now owns 268,225 shares in the company, valued at approximately $11,399,562.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Lisa L. Kim sold 750 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $42.06, for a total value of $31,545.00. Following the transaction, the executive vice president now owns 805 shares in the company, valued at approximately $33,858.30. The disclosure for this sale can be found here. Insiders have sold a total of 44,330 shares of company stock worth $1,883,695 in the last ninety days. Corporate insiders own 4.90% of the company’s stock.
Large investors have recently made changes to their positions in the company. IFP Advisors Inc lifted its position in shares of Cathay General Bancorp by 64.7% during the 1st quarter. IFP Advisors Inc now owns 4,548 shares of the bank’s stock valued at $182,000 after buying an additional 1,786 shares in the last quarter. Nomura Holdings Inc. purchased a new position in shares of Cathay General Bancorp during the 2nd quarter valued at approximately $219,000. Laurion Capital Management LP purchased a new position in shares of Cathay General Bancorp during the 2nd quarter valued at approximately $241,000. Signition LP purchased a new position in shares of Cathay General Bancorp during the 2nd quarter valued at approximately $270,000. Finally, Ramsey Quantitative Systems lifted its position in shares of Cathay General Bancorp by 29.2% during the 2nd quarter. Ramsey Quantitative Systems now owns 7,499 shares of the bank’s stock valued at $304,000 after buying an additional 1,697 shares in the last quarter. Hedge funds and other institutional investors own 70.50% of the company’s stock.
Cathay General Bancorp Company Profile
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.
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