Cathay General Bancorp (NASDAQ:CATY) Expected to Post Quarterly Sales of $156.60 Million

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Analysts forecast that Cathay General Bancorp (NASDAQ:CATY) will announce $156.60 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for Cathay General Bancorp’s earnings, with estimates ranging from $156.40 million to $156.70 million. Cathay General Bancorp reported sales of $155.88 million in the same quarter last year, which indicates a positive year-over-year growth rate of 0.5%. The company is expected to announce its next earnings report on Wednesday, January 22nd.

According to Zacks, analysts expect that Cathay General Bancorp will report full-year sales of $622.53 million for the current fiscal year, with estimates ranging from $618.00 million to $625.10 million. For the next fiscal year, analysts anticipate that the business will report sales of $628.17 million, with estimates ranging from $619.50 million to $640.00 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Cathay General Bancorp.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, October 16th. The bank reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $157.39 million during the quarter, compared to analysts’ expectations of $156.07 million. Cathay General Bancorp had a return on equity of 12.68% and a net margin of 34.23%. During the same quarter in the prior year, the business earned $0.85 earnings per share.

CATY has been the subject of a number of research reports. ValuEngine upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Wedbush reduced their price target on Cathay General Bancorp from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday. Zacks Investment Research upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, October 10th. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Piper Jaffray Companies set a $44.00 price target on Cathay General Bancorp and gave the stock a “buy” rating in a research report on Monday, July 8th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Cathay General Bancorp has a consensus rating of “Hold” and a consensus price target of $41.50.

In other Cathay General Bancorp news, EVP Kim R. Bingham sold 3,400 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $36.21, for a total value of $123,114.00. Following the completion of the sale, the executive vice president now owns 25,269 shares in the company, valued at $914,990.49. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Lisa L. Kim sold 3,745 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $34.70, for a total value of $129,951.50. Following the completion of the sale, the executive vice president now owns 3,288 shares of the company’s stock, valued at approximately $114,093.60. The disclosure for this sale can be found here. Corporate insiders own 4.73% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. grew its position in shares of Cathay General Bancorp by 36.2% during the second quarter. Envestnet Asset Management Inc. now owns 40,771 shares of the bank’s stock worth $1,464,000 after purchasing an additional 10,844 shares in the last quarter. Arizona State Retirement System grew its position in shares of Cathay General Bancorp by 0.9% during the second quarter. Arizona State Retirement System now owns 55,425 shares of the bank’s stock worth $1,990,000 after purchasing an additional 510 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cathay General Bancorp by 1.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 555,077 shares of the bank’s stock worth $19,933,000 after purchasing an additional 8,416 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Cathay General Bancorp by 53.8% during the second quarter. Acadian Asset Management LLC now owns 180,920 shares of the bank’s stock worth $6,498,000 after purchasing an additional 63,312 shares in the last quarter. Finally, Aurora Investment Counsel grew its position in shares of Cathay General Bancorp by 4.1% during the second quarter. Aurora Investment Counsel now owns 48,803 shares of the bank’s stock worth $1,816,000 after purchasing an additional 1,939 shares in the last quarter. Hedge funds and other institutional investors own 71.17% of the company’s stock.

Cathay General Bancorp stock traded up $0.41 during mid-day trading on Friday, reaching $35.77. 353,202 shares of the stock traded hands, compared to its average volume of 297,825. The stock has a market capitalization of $2.82 billion, a PE ratio of 10.71, a price-to-earnings-growth ratio of 1.27 and a beta of 1.28. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.06 and a quick ratio of 1.05. Cathay General Bancorp has a 12-month low of $31.89 and a 12-month high of $40.11. The business’s 50-day moving average is $34.45 and its 200-day moving average is $35.13.

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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Earnings History and Estimates for Cathay General Bancorp (NASDAQ:CATY)

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