Cathay General Bancorp (NASDAQ:CATY) to Post Q2 2020 Earnings of $0.46 Per Share, SunTrust Banks Forecasts

Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at SunTrust Banks cut their Q2 2020 earnings per share (EPS) estimates for Cathay General Bancorp in a report released on Tuesday, June 30th. SunTrust Banks analyst M. Young now forecasts that the bank will earn $0.46 per share for the quarter, down from their prior forecast of $0.53. SunTrust Banks has a “Hold” rating and a $27.00 price target on the stock. SunTrust Banks also issued estimates for Cathay General Bancorp’s Q3 2020 earnings at $0.60 EPS, FY2020 earnings at $2.27 EPS, Q2 2021 earnings at $0.73 EPS, Q3 2021 earnings at $0.78 EPS, Q4 2021 earnings at $0.87 EPS and FY2021 earnings at $2.93 EPS.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, April 27th. The bank reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.08). Cathay General Bancorp had a net margin of 32.18% and a return on equity of 11.46%. The company had revenue of $146.10 million during the quarter, compared to the consensus estimate of $145.95 million. During the same quarter in the previous year, the business posted $0.83 earnings per share.

A number of other equities research analysts have also recently weighed in on the stock. ValuEngine cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research report on Friday, June 26th. BidaskClub upgraded Cathay General Bancorp from a “strong sell” rating to a “sell” rating in a report on Friday, May 29th. TheStreet lowered Cathay General Bancorp from a “b-” rating to a “c+” rating in a report on Tuesday, March 10th. Finally, Piper Sandler started coverage on Cathay General Bancorp in a report on Wednesday, June 3rd. They set a “hold” rating and a $28.00 price target for the company. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $33.40.

Shares of NASDAQ CATY opened at $25.95 on Wednesday. Cathay General Bancorp has a fifty-two week low of $17.58 and a fifty-two week high of $38.91. The firm’s 50-day simple moving average is $26.46 and its 200 day simple moving average is $29.97. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.06 billion, a P/E ratio of 8.01 and a beta of 1.47.

Several institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. lifted its stake in shares of Cathay General Bancorp by 1.7% during the first quarter. Principal Financial Group Inc. now owns 3,365,891 shares of the bank’s stock valued at $77,245,000 after acquiring an additional 56,656 shares during the period. State Street Corp lifted its stake in shares of Cathay General Bancorp by 1.7% during the first quarter. State Street Corp now owns 2,871,338 shares of the bank’s stock valued at $65,897,000 after acquiring an additional 47,335 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Cathay General Bancorp by 16.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,446,522 shares of the bank’s stock valued at $33,198,000 after acquiring an additional 204,198 shares during the period. Victory Capital Management Inc. lifted its stake in Cathay General Bancorp by 2.5% in the first quarter. Victory Capital Management Inc. now owns 1,346,458 shares of the bank’s stock valued at $30,901,000 after buying an additional 32,480 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Cathay General Bancorp by 7.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,292,229 shares of the bank’s stock valued at $49,169,000 after buying an additional 94,593 shares during the period. 69.91% of the stock is currently owned by institutional investors and hedge funds.

In related news, EVP Kim R. Bingham sold 4,986 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $30.52, for a total value of $152,172.72. Following the completion of the sale, the executive vice president now directly owns 29,805 shares in the company, valued at approximately $909,648.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.73% of the stock is currently owned by insiders.

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Tuesday, June 2nd were issued a $0.31 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.24 annualized dividend and a yield of 4.78%. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 35.63%.

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.

Recommended Story: What is a good dividend yield?

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

Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.