Wall Street analysts predict that Cathay General Bancorp (NASDAQ:CATY) will announce $154.85 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Cathay General Bancorp’s earnings. The highest sales estimate is $156.20 million and the lowest is $153.30 million. Cathay General Bancorp reported sales of $147.80 million in the same quarter last year, which would suggest a positive year over year growth rate of 4.8%. The firm is expected to announce its next earnings report on Wednesday, July 17th.
On average, analysts expect that Cathay General Bancorp will report full-year sales of $629.65 million for the current fiscal year, with estimates ranging from $628.00 million to $631.60 million. For the next year, analysts forecast that the business will post sales of $662.83 million, with estimates ranging from $655.00 million to $669.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.03. The business had revenue of $156.24 million for the quarter, compared to the consensus estimate of $153.10 million. Cathay General Bancorp had a net margin of 36.43% and a return on equity of 13.08%. During the same period last year, the firm posted $0.78 earnings per share.
A number of equities research analysts recently weighed in on CATY shares. Zacks Investment Research downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, April 15th. BidaskClub cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th.
CATY traded up $0.10 on Thursday, reaching $34.35. The company had a trading volume of 247,523 shares, compared to its average volume of 457,793. The business has a 50 day moving average of $35.32. The stock has a market capitalization of $2.77 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 1.05. Cathay General Bancorp has a 52-week low of $31.94 and a 52-week high of $43.53.
Cathay General Bancorp declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 7th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 1.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Shareholders of record on Monday, June 3rd were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date was Friday, May 31st. Cathay General Bancorp’s payout ratio is currently 37.13%.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Sapience Investments LLC lifted its position in Cathay General Bancorp by 5.3% during the first quarter. Sapience Investments LLC now owns 160,270 shares of the bank’s stock valued at $5,435,000 after buying an additional 8,040 shares during the period. Citigroup Inc. raised its position in shares of Cathay General Bancorp by 187.9% in the 1st quarter. Citigroup Inc. now owns 99,309 shares of the bank’s stock worth $3,368,000 after purchasing an additional 64,810 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Cathay General Bancorp by 107.5% in the 1st quarter. Principal Financial Group Inc. now owns 2,460,899 shares of the bank’s stock worth $83,449,000 after purchasing an additional 1,274,721 shares during the last quarter. Hillcrest Asset Management LLC raised its position in shares of Cathay General Bancorp by 35.9% in the 1st quarter. Hillcrest Asset Management LLC now owns 310,700 shares of the bank’s stock worth $10,536,000 after purchasing an additional 82,076 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Cathay General Bancorp in the 1st quarter worth about $844,000. Institutional investors and hedge funds own 71.58% 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.
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