Cathay General Bancorp (CATY) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS
Cathay General Bancorp (NASDAQ:CATY) released its quarterly earnings data on Wednesday. The company reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.01. Cathay General Bancorp had a return on equity of 9.23% and a net margin of 31.20%. During the same quarter in the previous year, the business earned $0.47 earnings per share.
Shares of Cathay General Bancorp (NASDAQ:CATY) traded up 1.18% during trading on Wednesday, reaching $30.84. 343,136 shares of the company’s stock were exchanged. The company has a market capitalization of $2.43 billion, a P/E ratio of 15.58 and a beta of 1.28. Cathay General Bancorp has a 12-month low of $25.62 and a 12-month high of $34.69. The stock has a 50-day moving average price of $30.88 and a 200 day moving average price of $30.05.
In related 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 6.36% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. US Bancorp DE increased its stake in shares of 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 during the last quarter. BlackRock Japan Co. Ltd boosted its position in shares of 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 during the period. Capital Guardian Trust Co. boosted its position in shares of 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 during the period. Pacad Investment Ltd. purchased a new position in shares of Cathay General Bancorp during the second quarter worth approximately $234,000. Finally, Engineers Gate Manager LP purchased a new position in shares of Cathay General Bancorp during the second quarter worth approximately $253,000. 66.26% of the stock is owned by hedge funds and other institutional investors.
CATY has been the subject of a number of research reports. Zacks Investment Research lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, June 21st. BMO Capital Markets reaffirmed an “outperform” rating and issued a $32.00 price objective (down from $33.00) on shares of Cathay General Bancorp in a research note on Wednesday, July 6th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Cathay General Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a research note on Monday, July 11th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $33.00.
Cathay General Bancorp Company Profile
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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