Brokers Set Expectations for Cathay General Bancorp Earnings in Q2 2022 (NASDAQ: CATY)
Cathay General Bancorp (NASDAQ: CATY) – Wedbush stock research analysts increased their earnings estimates for the second quarter of 2022 for shares of Cathay General Bancorp in a report released on Friday, September 17. Wedbush analyst D. Chiaverini now expects the bank to post earnings of $ 0.94 per share for the quarter, up from its previous estimate of $ 0.92. Wedbush also released estimates for Cathay General Bancorp third quarter 2022 earnings at $ 1.01 per share, fourth quarter 2022 earnings at $ 1.01 per share, fiscal 2022 earnings at 3.83 $ per share and earnings for fiscal 2023 at $ 4.29 per share. Cathay General Bancorp (NASDAQ: CATY) last reported its quarterly results on Sunday, July 25. The bank reported earnings per share (EPS) of $ 0.97 for the quarter, beating the consensus estimate of $ 0.83 by $ 0.14. Cathay General Bancorp had a net margin of 39.05% and a return on equity of 11.47%. The company posted revenue of $ 160.58 million for the quarter, compared to analysts’ expectations of $ 156.05 million.
Other analysts have also recently published reports on the stock. Zacks investment research downgraded Cathay General Bancorp shares from a “hold” rating to a “buy” rating and set a target price of $ 45 for the stock in a research report released on Wednesday, September 1. Truist Securities raised its price target for Cathay General Bancorp stock from $ 40.00 to $ 44.00 and assigned the stock a “conservation” rating in a report released on Monday, August 30. Truist raised its price target for Cathay General Bancorp shares from $ 40.00 to $ 44.00 and assigned the company a “conservation” rating in a report released on Monday, August 30. Finally, DA Davidson reaffirmed a “neutral” rating on Cathay General Bancorp shares in a research note on Wednesday, July 28. Four research analysts rated the stock with a conservation rating and one issued a buy rating for the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $ 45.
CATY open for $ 39.78 Monday. The company has a 50-day moving average of $ 38.85 and a 200-day moving average of $ 40.36. The company has a quick ratio of 1.05, a current ratio of 1.05, and a debt ratio of 0.07. The stock has a market cap of $ 3.11 billion, a PE ratio of 11.40 and a beta of 1.51. Cathay General Bancorp has a 52 week low of $ 20.59 and a 52 week high of $ 45.19.
Large investors have recently changed their holdings in the company. BlackRock Inc. increased its stake in Cathay General Bancorp by 3.2% in the first quarter. BlackRock Inc. now owns 9,438,671 shares of the bank valued at $ 384,910,000 after purchasing an additional 289,294 shares during the last quarter. Vanguard Group Inc. increased its stake in the shares of Cathay General Bancorp by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 7,396,002 shares of the bank valued at $ 291,107,000 after acquiring 177,449 additional shares in the last quarter. State Street Corp increased its position in Cathay General Bancorp shares by 6.9% in the second quarter. State Street Corp now owns 3,727,585 shares of the bank valued at $ 146,718,000 after acquiring an additional 241,094 shares during the period. Principal Financial Group Inc. increased its stake in Cathay General Bancorp shares by 2.3% in the second quarter. Principal Financial Group Inc. now owns 1,708,887 shares of the bank valued at $ 67,261,000 after purchasing an additional 38,696 shares in the last quarter. Finally, FMR LLC increased its stake in Cathay General Bancorp by 19.6% in the 2nd quarter. FMR LLC now owns 1,549,096 shares of the bank valued at $ 60,972,000 after purchasing an additional 253,749 shares during the period. 68.73% of the shares are held by institutional investors and hedge funds.
In related news, vice president Peter Wu sold 20,000 shares of the company in a transaction that took place on Friday, August 27. The shares were sold at an average price of $ 39.74, for a total trade of $ 794,800.00. The sale was disclosed in a file with the Securities & Exchange Commission, which can be accessed via the SEC website. Company insiders own 4.23% of the company’s shares.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 9. Shareholders of record on Monday, August 30, received a dividend of $ 0.31. The ex-dividend date was Friday August 27. This represents an annualized dividend of $ 1.24 and a dividend yield of 3.12%. Cathay General Bancorp’s dividend payout ratio is currently 43.21%.
About Cathay General Bancorp
Cathay General Bancorp is a holding company which provides financial services. It offers commercial mortgages, commercial loans, small business administration loans, residential mortgages, real estate construction loans, home equity lines of credit and personal installment loans for expenses. automobiles, housework and other consumer expenses.
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