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

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Cathay General Bancorp (NASDAQ:CATY) – Stock analysts at Piper Jaffray Companies cut their Q3 2020 earnings per share estimates for shares of Cathay General Bancorp in a research report issued to clients and investors on Wednesday, October 17th, according to Zacks Investment Research. Piper Jaffray Companies analyst M. Clark now expects that the bank will post earnings of $0.92 per share for the quarter, down from their previous estimate of $0.93.

CATY has been the subject of a number of other reports. BidaskClub upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 price objective on shares of Cathay General Bancorp in a research report on Friday, July 20th. ValuEngine lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, October 14th. Finally, Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Friday, July 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $47.64.

NASDAQ CATY traded down $0.46 during trading on Friday, reaching $38.60. 361,530 shares of the company’s stock were exchanged, compared to its average volume of 469,941. Cathay General Bancorp has a fifty-two week low of $35.73 and a fifty-two week high of $45.59. The firm has a market capitalization of $3.16 billion, a PE ratio of 12.33, a PEG ratio of 1.46 and a beta of 1.28. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, October 17th. The bank reported $0.85 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.85. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. The firm had revenue of $152.92 million during the quarter, compared to analyst estimates of $153.90 million. During the same period last year, the company posted $0.61 EPS.

Cathay General Bancorp announced that its board has authorized a stock buyback program on Friday, October 26th that authorizes the company to repurchase $45.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

In other news, Vice Chairman Anthony M. Tang sold 9,781 shares of Cathay General Bancorp stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $42.50, for a total transaction of $415,692.50. Following the completion of the sale, the insider now directly owns 268,225 shares in the company, valued at approximately $11,399,562.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Anthony M. Tang sold 10,000 shares of Cathay General Bancorp stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $42.50, for a total value of $425,000.00. Following the sale, the insider now owns 268,225 shares of the company’s stock, valued at $11,399,562.50. The disclosure for this sale can be found here. 4.90% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the company. Glen Harbor Capital Management LLC lifted its holdings in shares of Cathay General Bancorp by 14.2% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 10,808 shares of the bank’s stock valued at $438,000 after buying an additional 1,344 shares during the last quarter. Arizona State Retirement System lifted its holdings in Cathay General Bancorp by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 53,019 shares of the bank’s stock worth $2,147,000 after purchasing an additional 1,437 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Cathay General Bancorp by 1.3% in the 1st quarter. Wells Fargo & Company MN now owns 119,642 shares of the bank’s stock worth $4,783,000 after purchasing an additional 1,494 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in Cathay General Bancorp by 4.5% in the 2nd quarter. Sterling Capital Management LLC now owns 37,231 shares of the bank’s stock worth $1,507,000 after purchasing an additional 1,616 shares during the last quarter. Finally, Ramsey Quantitative Systems lifted its holdings in Cathay General Bancorp by 29.2% in the 2nd quarter. Ramsey Quantitative Systems now owns 7,499 shares of the bank’s stock worth $304,000 after purchasing an additional 1,697 shares during the last quarter. Institutional investors and hedge funds own 70.69% 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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Earnings History and Estimates for Cathay General Bancorp (NASDAQ:CATY)

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