DA Davidson Comments on Cathay General Bancorp’s Q3 2024 Earnings (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) – Stock analysts at DA Davidson issued their Q3 2024 earnings per share (EPS) estimates for shares of Cathay General Bancorp in a report issued on Tuesday, July 23rd. DA Davidson analyst G. Tenner forecasts that the bank will post earnings per share of $1.01 for the quarter. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $3.96 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2024 earnings at $4.03 EPS and FY2025 earnings at $4.30 EPS.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 12.04%. The company had revenue of $178.53 million for the quarter, compared to the consensus estimate of $179.19 million. During the same period last year, the business earned $1.28 EPS. The firm’s quarterly revenue was down 12.8% on a year-over-year basis.

Other analysts have also issued research reports about the company. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler lifted their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a report on Tuesday. Truist Financial lifted their target price on Cathay General Bancorp from $38.00 to $45.00 and gave the stock a “hold” rating in a report on Wednesday. Wedbush lifted their target price on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods dropped their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and an average price target of $43.00.

Cathay General Bancorp Stock Up 4.0 %

CATY stock opened at $44.97 on Wednesday. The firm has a market cap of $3.27 billion, a PE ratio of 9.95 and a beta of 1.13. The business has a 50 day moving average of $37.77 and a 200 day moving average of $38.41. Cathay General Bancorp has a twelve month low of $32.08 and a twelve month high of $45.72. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Institutional Investors Weigh In On Cathay General Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC increased its holdings in shares of Cathay General Bancorp by 168.6% in the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after purchasing an additional 794 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Cathay General Bancorp during the fourth quarter valued at approximately $51,000. Bessemer Group Inc. boosted its position in shares of Cathay General Bancorp by 16.6% during the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after buying an additional 523 shares during the period. Headlands Technologies LLC boosted its position in shares of Cathay General Bancorp by 12,039.0% during the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock valued at $188,000 after buying an additional 4,936 shares during the period. Finally, TFO Wealth Partners LLC boosted its position in shares of Cathay General Bancorp by 22,160.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after buying an additional 4,432 shares during the period. 75.01% of the stock is owned by institutional investors.

Cathay General Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Thursday, May 30th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.36 annualized dividend and a yield of 3.02%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

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.