Cathay General Bancorp (CATY) Expected to Post Q3 2020 Earnings of $0.92 Per Share

Cathay General Bancorp (NASDAQ:CATY) – Stock analysts at Piper Jaffray Companies decreased their Q3 2020 EPS estimates for Cathay General Bancorp in a report released on Wednesday, October 17th. Piper Jaffray Companies analyst M. Clark now expects that the bank will post earnings per share of $0.92 for the quarter, down from their previous forecast of $0.93.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, October 17th. The bank reported $0.85 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. Cathay General Bancorp had a net margin of 33.74% and a return on equity of 12.80%. The firm had revenue of $152.92 million during the quarter, compared to analyst estimates of $153.90 million. During the same quarter in the prior year, the firm earned $0.61 EPS.

Other equities research analysts have also issued research reports about the stock. ValuEngine lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, October 14th. BidaskClub lowered shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, July 13th. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Friday, July 20th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $47.00 price target on shares of Cathay General Bancorp in a research report on Friday, July 20th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $47.31.

NASDAQ CATY opened at $38.81 on Friday. Cathay General Bancorp has a 52 week low of $38.03 and a 52 week high of $45.59. The stock has a market cap of $3.24 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.52 and a beta of 1.27. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.33.

Institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. purchased a new stake in Cathay General Bancorp in the 2nd quarter worth approximately $219,000. Laurion Capital Management LP purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at approximately $241,000. Signition LP purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at approximately $270,000. Ramsey Quantitative Systems grew its holdings in Cathay General Bancorp by 29.2% during the 2nd quarter. Ramsey Quantitative Systems now owns 7,499 shares of the bank’s stock valued at $304,000 after buying an additional 1,697 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at approximately $315,000. 70.52% of the stock is owned by institutional investors.

In related news, Vice Chairman Anthony M. Tang sold 9,781 shares of the stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $42.50, for a total value of $415,692.50. Following the completion of the sale, the insider now directly owns 268,225 shares of the company’s stock, valued at approximately $11,399,562.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Anthony M. Tang sold 12,289 shares of the stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $42.50, for a total transaction of $522,282.50. Following the completion of the sale, the insider now directly owns 290,717 shares of the company’s stock, valued at $12,355,472.50. The disclosure for this sale can be found here. Insiders sold a total of 44,330 shares of company stock valued at $1,883,695 over the last three months. 4.90% of the stock is currently owned by insiders.

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

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