Cathay General Bancorp (CATY) Expected to Post Earnings of $0.87 Per Share
Wall Street brokerages expect Cathay General Bancorp (NASDAQ:CATY) to announce $0.87 earnings per share for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Cathay General Bancorp’s earnings, with the highest EPS estimate coming in at $0.89 and the lowest estimate coming in at $0.84. Cathay General Bancorp reported earnings of $0.92 per share during the same quarter last year, which would indicate a negative year over year growth rate of 5.4%. The firm is expected to announce its next quarterly earnings report on Wednesday, July 17th.
According to Zacks, analysts expect that Cathay General Bancorp will report full-year earnings of $3.48 per share for the current year, with EPS estimates ranging from $3.41 to $3.52. For the next year, analysts expect that the firm will report earnings of $3.58 per share, with EPS estimates ranging from $3.56 to $3.60. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that cover Cathay General Bancorp.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.03. The firm had revenue of $156.24 million for the quarter, compared to analysts’ expectations of $153.10 million. Cathay General Bancorp had a return on equity of 13.08% and a net margin of 36.43%. During the same quarter last year, the business posted $0.78 EPS.
In other Cathay General Bancorp news, EVP Kim R. Bingham sold 4,200 shares of Cathay General Bancorp stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $37.92, for a total transaction of $159,264.00. Following the transaction, the executive vice president now owns 28,263 shares of the company’s stock, valued at approximately $1,071,732.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.73% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CATY. BlackRock Inc. grew its stake in shares of Cathay General Bancorp by 4.1% in the 4th quarter. BlackRock Inc. now owns 10,551,696 shares of the bank’s stock valued at $353,798,000 after buying an additional 417,939 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Cathay General Bancorp by 107.5% in the 1st quarter. Principal Financial Group Inc. now owns 2,460,899 shares of the bank’s stock worth $83,449,000 after purchasing an additional 1,274,721 shares during the last quarter. Northern Trust Corp lifted its holdings in Cathay General Bancorp by 0.4% in the 1st quarter. Northern Trust Corp now owns 2,368,917 shares of the bank’s stock worth $80,331,000 after purchasing an additional 8,490 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Cathay General Bancorp by 1.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,333,726 shares of the bank’s stock worth $44,720,000 after purchasing an additional 15,020 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in Cathay General Bancorp by 1.8% in the 1st quarter. LSV Asset Management now owns 1,197,546 shares of the bank’s stock worth $40,608,000 after purchasing an additional 21,600 shares during the last quarter. 72.57% of the stock is currently owned by institutional investors.
Shares of CATY opened at $35.29 on Friday. The stock has a market capitalization of $2.84 billion, a P/E ratio of 10.57, a P/E/G ratio of 1.31 and a beta of 1.26. Cathay General Bancorp has a 1-year low of $31.94 and a 1-year high of $44.05. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 1.05.
Cathay General Bancorp declared that its board has authorized a stock buyback plan on Tuesday, May 7th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 1.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Monday, June 3rd will be paid a $0.31 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.24 dividend on an annualized basis and a yield of 3.51%. Cathay General Bancorp’s dividend payout ratio is currently 37.13%.
About Cathay General Bancorp
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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