Zacks: Brokerages Anticipate Cathay General Bancorp (CATY) Will Announce Quarterly Sales of $137.70 Million
Analysts expect Cathay General Bancorp (NASDAQ:CATY) to report sales of $137.70 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Cathay General Bancorp’s earnings, with estimates ranging from $137.00 million to $139.00 million. Cathay General Bancorp reported sales of $112.64 million in the same quarter last year, which indicates a positive year over year growth rate of 22.2%. The company is expected to report its next earnings report after the market closes on Wednesday, October 25th.
According to Zacks, analysts expect that Cathay General Bancorp will report full-year sales of $137.70 million for the current year, with estimates ranging from $517.90 million to $525.00 million. For the next financial year, analysts expect that the firm will report sales of $584.53 million per share, with estimates ranging from $572.80 million to $605.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.03. The firm had revenue of $123.50 million during the quarter, compared to analysts’ expectations of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same quarter in the previous year, the business earned $0.44 earnings per share.
A number of brokerages recently weighed in on CATY. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $37.00 price objective on shares of Cathay General Bancorp in a report on Tuesday, July 25th. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Piper Jaffray Companies reissued a “buy” rating and issued a $43.00 target price on shares of Cathay General Bancorp in a report on Friday. Wedbush reissued a “neutral” rating and issued a $39.00 target price on shares of Cathay General Bancorp in a report on Tuesday, June 27th. Finally, Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “strong-buy” rating and set a $44.00 target price on the stock in a report on Friday, July 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $40.86.
A number of institutional investors have recently bought and sold shares of CATY. BlackRock Inc. grew its holdings in Cathay General Bancorp by 17,138.1% in the first quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock valued at $299,791,000 after purchasing an additional 7,910,084 shares during the last quarter. Balyasny Asset Management LLC grew its holdings in Cathay General Bancorp by 4,688.9% in the second quarter. Balyasny Asset Management LLC now owns 732,706 shares of the bank’s stock valued at $27,806,000 after purchasing an additional 717,406 shares during the last quarter. Koch Industries Inc. grew its holdings in Cathay General Bancorp by 6,239.0% in the second quarter. Koch Industries Inc. now owns 412,986 shares of the bank’s stock valued at $402,000 after purchasing an additional 406,471 shares during the last quarter. Northern Trust Corp grew its holdings in Cathay General Bancorp by 11.9% in the second quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock valued at $92,992,000 after purchasing an additional 261,148 shares during the last quarter. Finally, State Street Corp grew its holdings in Cathay General Bancorp by 7.4% in the first quarter. State Street Corp now owns 3,583,537 shares of the bank’s stock valued at $135,026,000 after purchasing an additional 247,885 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors.
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Cathay General Bancorp (NASDAQ:CATY) traded up 0.17% during midday trading on Friday, reaching $40.68. The company had a trading volume of 234,434 shares. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $41.11. The firm has a market capitalization of $3.29 billion, a PE ratio of 16.74 and a beta of 1.31. The firm’s 50-day moving average price is $37.07 and its 200 day moving average price is $37.34.
The company also recently announced a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, September 1st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.06%. The ex-dividend date was Wednesday, August 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is 34.57%.
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); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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