$167.37 million in sales expected for Cathay General Bancorp (NASDAQ:CATY) this quarter
Analysts expect Cathay General Bancorp (NASDAQ:CATY) to report revenue of $167.37 million for the current quarter, Zacks reports. Three analysts provided earnings estimates for Cathay General Bancorp. The lowest sales estimate is $165.90 million and the highest is $169.00 million. Cathay General Bancorp posted sales of $151.27 million in the same quarter last year, suggesting a positive year-over-year growth rate of 10.6%. The company is expected to announce its next quarterly results on Wednesday, January 26.
According to Zacks, analysts expect Cathay General Bancorp to report revenue of $644.70 million for the current year, with estimates ranging from $643.00 to $646.10 million. For next year, analysts expect the company to report sales of $700.97 million, with estimates ranging from $690.20 million to $711.00 million. Zacks sales averages are an average average based on a survey of sell-side analysts who cover Cathay General Bancorp.
Cathay General Bancorp Inc (NASDAQ:CATY) last released its quarterly results on Sunday, October 24. The bank reported EPS of $0.93 for the quarter, beating consensus analyst estimates of $0.91 by $0.02. Cathay General Bancorp achieved a return on equity of 12.00% and a net margin of 41.32%. The company posted revenue of $164.70 million in the quarter, compared to $164.30 million expected by analysts. During the same period last year, the company posted earnings per share of $0.71. The company’s revenue increased by 2.6% compared to the same quarter last year.
Separately, Zacks Investment Research upgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a Wednesday, Jan. 5 research note. Five research analysts rated the stock with a holding rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $46.00.
In other news, EVP Kim R. Bingham sold 3,000 shares in a transaction dated Friday, October 29. The stock was sold at an average price of $42.68, for a total value of $128,040.00. The sale was disclosed in an SEC filing, which is available via this link. 4.23% of the shares are currently held by company insiders.
A number of institutional investors have recently bought and sold shares of CATY. Teacher Retirement System of Texas increased its holdings in Cathay General Bancorp by 17.4% during the second quarter. Teacher Retirement System of Texas now owns 9,970 shares of the bank worth $392,000 after acquiring 1,481 additional shares during the period. Rafferty Asset Management LLC increased its holdings in Cathay General Bancorp by 16.7% in the second quarter. Rafferty Asset Management LLC now owns 59,026 shares of the bank valued at $2,323,000 after purchasing an additional 8,459 shares during the period. Principal Financial Group Inc. increased its stake in Cathay General Bancorp by 2.3% in the second quarter. Principal Financial Group Inc. now owns 1,708,887 shares of the bank valued at $67,261,000 after purchasing an additional 38,696 shares during the period. Quantitative Systematic Strategies LLC acquired a new stake in Cathay General Bancorp in the second quarter worth approximately $568,000. Finally, Mackenzie Financial Corp acquired a new stake in Cathay General Bancorp in the second quarter valued at around $240,000. 68.71% of the shares are currently held by hedge funds and other institutional investors.
Cathay General Bancorp Stock opened at $46.40 on Tuesday. The company has a 50-day simple moving average of $43.76. The company has a debt ratio of 0.07, a quick ratio of 1.04 and a current ratio of 1.04. Cathay General Bancorp has a one-year low of $33.44 and a one-year high of $46.55. The stock has a market capitalization of $3.58 billion, a PE ratio of 12.51 and a beta of 1.37.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 9. Shareholders of record on Monday, November 29 received a dividend of $0.44. The ex-dividend date was Friday, November 26. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.31. This represents a dividend of $1.76 on an annualized basis and a dividend yield of 3.79%. Cathay General Bancorp’s dividend payout ratio is currently 36.66%.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a holding company that provides financial services. It offers commercial mortgages, commercial loans, small business administration loans, residential mortgages, home construction loans, home equity lines of credit and personal installment loans for the automobile, household and other consumer expenses.
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