Cathay General Bancorp (NASDAQ:CATY – Get Rating) – Equities research analysts at Wedbush raised their Q3 2022 earnings estimates for Cathay General Bancorp in a research report issued on Tuesday, July 26th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $1.20 per share for the quarter, up from their prior estimate of $1.15. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.61 per share. Wedbush also issued estimates for Cathay General Bancorp’s Q4 2022 earnings at $1.24 EPS, FY2022 earnings at $4.61 EPS, Q1 2023 earnings at $1.31 EPS, Q2 2023 earnings at $1.43 EPS, Q3 2023 earnings at $1.41 EPS and FY2023 earnings at $5.50 EPS.
Several other research firms have also weighed in on CATY. Stephens lowered their target price on shares of Cathay General Bancorp to $44.00 in a research note on Tuesday. StockNews.com assumed coverage on shares of Cathay General Bancorp in a research report on Thursday, March 31st. They set a “hold” rating for the company. Truist Financial lowered their price target on shares of Cathay General Bancorp from $46.00 to $43.00 in a research report on Wednesday, June 15th. Finally, Piper Sandler lowered their price target on shares of Cathay General Bancorp to $43.00 in a research report on Monday, July 4th.
Cathay General Bancorp Stock Down 2.6 %
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CATY stock opened at $40.43 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a 1-year low of $36.21 and a 1-year high of $48.88. The firm has a fifty day moving average price of $39.88 and a two-hundred day moving average price of $42.95. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 9.91 and a beta of 1.19.
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last released its earnings results on Monday, July 25th. The bank reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.01. Cathay General Bancorp had a net margin of 40.69% and a return on equity of 12.76%. During the same quarter last year, the business earned $0.97 earnings per share.
Cathay General Bancorp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 6th. Investors of record on Friday, May 27th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Thursday, May 26th. Cathay General Bancorp’s payout ratio is currently 33.33%.
Institutional Investors Weigh In On Cathay General Bancorp
Several institutional investors have recently bought and sold shares of CATY. State Street Corp lifted its holdings in Cathay General Bancorp by 9.4% in the first quarter. State Street Corp now owns 3,708,830 shares of the bank’s stock worth $165,970,000 after purchasing an additional 317,721 shares during the period. Boston Trust Walden Corp lifted its holdings in Cathay General Bancorp by 28.0% in the second quarter. Boston Trust Walden Corp now owns 851,437 shares of the bank’s stock worth $33,333,000 after purchasing an additional 186,354 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Cathay General Bancorp by 6.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,663,220 shares of the bank’s stock worth $74,430,000 after purchasing an additional 105,614 shares during the period. Bank of America Corp DE lifted its holdings in Cathay General Bancorp by 36.4% in the fourth quarter. Bank of America Corp DE now owns 324,343 shares of the bank’s stock worth $13,943,000 after purchasing an additional 86,586 shares during the period. Finally, Itau Unibanco Holding S.A. acquired a new stake in Cathay General Bancorp in the 4th quarter valued at about $5,063,000. Institutional investors and hedge funds own 69.48% of the company’s stock.
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.
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Read More: Cathay General Bancorp (NASDAQ:CATY) Expected to Earn Q3 2022 Earnings of $1.20 Per Share