Wall Street analysts expect Cathay General Bancorp (NASDAQ: CATY) to report revenue of $ 165.43 million for the current quarter, Zacks investment research reports. Three analysts have made estimates for Cathay General Bancorp’s earnings. The lowest sales estimate is $ 164.40 million and the highest is $ 166.00 million. Cathay General Bancorp posted sales of $ 151.27 million in the same quarter last year, which would indicate a positive 9.4% year-over-year growth rate. The company is expected to report its next quarterly results on Wednesday, January 26.
According to Zacks, analysts expect Cathay General Bancorp to report annual revenue of $ 643.10 million for the current year, with estimates ranging from $ 643.00 million to 643.30 million. millions of dollars. For the next fiscal year, analysts expect the company to post sales of $ 699.60 million, with estimates ranging from $ 691.90 million to $ 705.20 million. Zacks sales averages are an average based on a survey of seller-side research companies that provide coverage for Cathay General Bancorp.
Cathay General Bancorp (NASDAQ: CATY) last released its quarterly results on Sunday, October 24. The bank reported earnings per share of $ 0.93 for the quarter, beating Zacks’ consensus estimate of $ 0.91 by $ 0.02. Cathay General Bancorp had a net margin of 41.32% and a return on equity of 12.00%. The company posted revenue of $ 164.70 million for the quarter, compared to analysts’ expectations of $ 164.30 million. During the same period of the previous year, the company posted EPS of $ 0.71. The company’s revenue for the quarter increased 2.6% year-over-year.
A number of equity analysts have recently weighed on CATY stocks. Truist Securities raised its price target for Cathay General Bancorp shares from $ 40.00 to $ 44.00 and assigned the stock a “hold” rating in a research note on Monday, August 30. Zacks investment research downgraded Cathay General Bancorp shares from a “buy” note to a “keep” note in a Wednesday October 27th research note. Finally, Truist increased its price target on Cathay General Bancorp shares from $ 40.00 to $ 44.00 and assigned the company a “conservation” rating in a research note on Monday, August 30. Five analysts rated the stock with a conservation rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $ 45.
In related news, EVP Kim R. Bingham sold 3,000 shares in a trade that took place on Friday, October 29. The shares were sold at an average price of $ 42.68, for a total trade of $ 128,040.00. The transaction was disclosed in a file with the Securities & Exchange Commission, available at the SEC website. Company insiders own 4.23% of the company’s shares.
A number of large investors have recently changed their holdings in CATY. Amundi acquired a new stake in Cathay General Bancorp in the second quarter for a value of approximately $ 15,353,000. FMR LLC increased its position in Cathay General Bancorp by 19.6% in the second quarter. FMR LLC now owns 1,549,096 shares of the bank valued at $ 60,972,000 after acquiring an additional 253,749 shares during the last quarter. State Street Corp increased its position in Cathay General Bancorp by 6.9% in the second quarter. State Street Corp now owns 3,727,585 shares of the bank valued at $ 146,718,000 after acquiring an additional 241,094 shares in the last quarter. Millennium Management LLC increased its position in Cathay General Bancorp by 284.5% in the second quarter. Millennium Management LLC now owns 322,756 shares of the bank valued at $ 12,704,000 after acquiring an additional 238,814 shares during the last quarter. Finally, Nordea Investment Management AB strengthened its position in Cathay General Bancorp by 98.6% in the third quarter. Nordea Investment Management AB now owns 395,574 shares of the bank valued at $ 16,720,000 after acquiring an additional 196,350 shares during the last quarter. 68.71% of the capital is held by institutional investors.
NASDAQ: CATY open at $ 41.91 Wednesday. The company has a debt ratio of 0.07, a rapid ratio of 1.04, and a current ratio of 1.04. Cathay General Bancorp has a fifty-two week minimum of $ 28.10 and a fifty-two week maximum of $ 46.42. The company has a market cap of $ 3.24 billion, a PE ratio of 11.30 and a beta of 1.41. The fifty-day moving average for the stock is $ 42.48.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 9. Shareholders of record on Monday, November 29 will receive a dividend of $ 0.44. This represents a dividend of $ 1.76 on an annualized basis and a return of 4.20%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $ 0.31. The ex-dividend date of this dividend is Friday, November 26. Cathay General Bancorp’s dividend payout ratio is 36.66%.
About Cathay General Bancorp
Cathay General Bancorp is a holding company which provides financial services. It offers commercial mortgages, business loans, small business administration loans, residential mortgages, real estate construction loans, home equity lines of credit and personal installment loans for expenses. automobiles, housework and other consumer expenses.
Feature article: Investment strategies using the yield curve
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
This instant news alert was powered by storytelling technology and MarketBeat financial data to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $ 1,000 in Cathay General Bancorp now?
Before you consider Cathay General Bancorp, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated and top-performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly asking their clients to buy now before the broader market takes hold of … and Cathay General Bancorp was not on the list.
While Cathay General Bancorp currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better bets.
See the 5 actions here