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

Cathay General Bancorp (NASDAQ:CATY) – Analysts at DA Davidson issued their Q3 2024 earnings per share estimates for shares of Cathay General Bancorp in a report released on Tuesday, July 23rd. DA Davidson analyst G. Tenner anticipates that the bank will earn $1.01 per share 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.

Several other brokerages have also recently weighed in on CATY. Truist Financial raised their target price on Cathay General Bancorp from $38.00 to $45.00 and gave the company a “hold” rating in a research note on Wednesday. Piper Sandler increased their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research report on Tuesday. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Wedbush increased their price target on Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods decreased their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a research report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.00.

Cathay General Bancorp Price Performance

Shares of CATY opened at $44.97 on Wednesday. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 9.95 and a beta of 1.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04. Cathay General Bancorp has a one year low of $32.08 and a one year high of $45.72. The stock’s fifty day moving average is $37.77 and its 200-day moving average is $38.41.

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

Institutional Trading of Cathay General Bancorp

Several institutional investors have recently bought and sold shares of CATY. Prime Capital Investment Advisors LLC raised its position in Cathay General Bancorp by 4.1% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock valued at $281,000 after purchasing an additional 247 shares during the last quarter. SummerHaven Investment Management LLC raised its position in shares of Cathay General Bancorp by 1.9% during the second quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock worth $842,000 after acquiring an additional 417 shares during the last quarter. Bessemer Group Inc. raised 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 worth $139,000 after acquiring an additional 523 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Cathay General Bancorp by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 36,600 shares of the bank’s stock worth $1,381,000 after acquiring an additional 600 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Cathay General Bancorp by 8.4% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,314 shares of the bank’s stock worth $352,000 after acquiring an additional 720 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Dividend Announcement

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

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.