Cathay General Bancorp (NASDAQ:CATY – Free Report) – DA Davidson issued their Q1 2024 earnings per share (EPS) estimates for shares of Cathay General Bancorp in a research note issued to investors on Friday, January 26th. DA Davidson analyst G. Tenner forecasts that the bank will post earnings per share of $0.99 for the quarter. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.18 per share. DA Davidson also issued estimates for Cathay General Bancorp’s FY2024 earnings at $4.49 EPS.
Other equities analysts have also issued reports about the company. Wedbush cut their target price on Cathay General Bancorp from $42.00 to $40.00 and set an “outperform” rating on the stock in a report on Tuesday, October 24th. Piper Sandler downgraded Cathay General Bancorp from a “neutral” rating to an “underweight” rating and set a $31.00 price objective on the stock. in a report on Monday, November 6th. Finally, StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $37.80.
Cathay General Bancorp Stock Performance
Shares of Cathay General Bancorp stock opened at $43.03 on Monday. The stock has a market cap of $3.13 billion, a PE ratio of 8.85 and a beta of 1.15. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $45.72. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $41.95 and a 200-day simple moving average of $37.89.
Cathay General Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Wednesday, November 29th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, November 28th. This represents a $1.36 annualized dividend and a dividend yield of 3.16%. Cathay General Bancorp’s dividend payout ratio is presently 27.98%.
Insider Buying and Selling
In other Cathay General Bancorp news, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $37.42, for a total value of $224,520.00. Following the sale, the executive vice president now owns 41,849 shares in the company, valued at $1,565,989.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.62% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Cathay General Bancorp
A number of hedge funds have recently modified their holdings of CATY. Boston Trust Walden Corp boosted its holdings in Cathay General Bancorp by 2.7% during the second quarter. Boston Trust Walden Corp now owns 908,425 shares of the bank’s stock worth $29,242,000 after purchasing an additional 23,689 shares during the last quarter. Ontario Teachers Pension Plan Board raised its position in Cathay General Bancorp by 5.5% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 51,060 shares of the bank’s stock worth $1,644,000 after purchasing an additional 2,663 shares during the period. SG Americas Securities LLC purchased a new position in Cathay General Bancorp in the 3rd quarter worth $1,831,000. US Bancorp DE grew its holdings in Cathay General Bancorp by 26.6% in the 2nd quarter. US Bancorp DE now owns 3,913 shares of the bank’s stock worth $126,000 after acquiring an additional 821 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cathay General Bancorp by 17.9% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,910 shares of the bank’s stock valued at $1,188,000 after purchasing an additional 5,591 shares in the last quarter. Institutional investors and hedge funds own 69.01% of the company’s stock.
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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