Cathay General Bancorp (CATY) Posts Earnings Results, Misses Estimates By $0.01 EPS
Cathay General Bancorp (NASDAQ:CATY) issued its earnings results on Wednesday. The company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by $0.01. Cathay General Bancorp had a net margin of 31.20% and a return on equity of 9.23%. During the same period last year, the company posted $0.47 earnings per share.
Shares of Cathay General Bancorp (NASDAQ:CATY) traded up 1.18% during midday trading on Wednesday, hitting $30.84. The company had a trading volume of 343,136 shares. The firm’s 50-day moving average is $30.88 and its 200-day moving average is $30.05. Cathay General Bancorp has a 12-month low of $25.62 and a 12-month high of $34.69. The firm has a market capitalization of $2.43 billion, a P/E ratio of 15.58 and a beta of 1.28.
A number of brokerages have recently weighed in on CATY. Keefe, Bruyette & Woods upped their target price on Cathay General Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, July 11th. Zacks Investment Research downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 21st. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $32.00 target price (down previously from $33.00) on shares of Cathay General Bancorp in a report on Wednesday, July 6th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $33.00.
In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $31.30, for a total transaction of $939,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 6.36% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CATY. US Bancorp DE raised its stake in Cathay General Bancorp by 13.1% in the second quarter. US Bancorp DE now owns 4,074 shares of the company’s stock worth $115,000 after buying an additional 473 shares in the last quarter. BlackRock Japan Co. Ltd raised its stake in Cathay General Bancorp by 23.0% in the second quarter. BlackRock Japan Co. Ltd now owns 4,388 shares of the company’s stock worth $124,000 after buying an additional 820 shares in the last quarter. Capital Guardian Trust Co. raised its stake in Cathay General Bancorp by 43.9% in the second quarter. Capital Guardian Trust Co. now owns 5,837 shares of the company’s stock worth $165,000 after buying an additional 1,782 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in Cathay General Bancorp during the second quarter worth approximately $234,000. Finally, Engineers Gate Manager LP acquired a new stake in Cathay General Bancorp during the second quarter worth approximately $253,000. 66.26% of the stock is currently owned by institutional investors.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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