Zacks: Analysts Anticipate Cathay General Bancorp (CATY) Will Announce Quarterly Sales of $141.83 Million

Equities analysts expect Cathay General Bancorp (NASDAQ:CATY) to announce sales of $141.83 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Cathay General Bancorp’s earnings. The highest sales estimate is $143.10 million and the lowest is $140.50 million. Cathay General Bancorp posted sales of $118.83 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 19.4%. The company is scheduled to issue its next earnings results after the market closes on Wednesday, April 18th.

On average, analysts expect that Cathay General Bancorp will report full-year sales of $141.83 million for the current financial year, with estimates ranging from $589.00 million to $603.20 million. For the next fiscal year, analysts expect that the business will post sales of $645.80 million per share, with estimates ranging from $640.20 million to $653.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Cathay General Bancorp.

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Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Tuesday, January 30th. The bank reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.02). The firm had revenue of $143.51 million for the quarter, compared to analysts’ expectations of $139.43 million. Cathay General Bancorp had a net margin of 28.74% and a return on equity of 10.46%. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS.

Several research firms have recently commented on CATY. BidaskClub lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. ValuEngine raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. BMO Capital Markets lifted their price target on shares of Cathay General Bancorp to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $44.00 price target on shares of Cathay General Bancorp in a research report on Friday, December 22nd. Finally, Piper Jaffray reaffirmed a “buy” rating and set a $51.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $44.75.

Shares of CATY stock traded up $1.02 during trading on Tuesday, hitting $39.78. 370,857 shares of the stock traded hands, compared to its average volume of 354,727. The firm has a market cap of $3,161.96, a PE ratio of 16.17, a PEG ratio of 1.54 and a beta of 1.38. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.04 and a current ratio of 1.04. Cathay General Bancorp has a 52-week low of $34.00 and a 52-week high of $45.59.

The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Thursday, March 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Wednesday, February 28th. Cathay General Bancorp’s payout ratio is 39.02%.

In other Cathay General Bancorp news, insider Dunson K. Cheng sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $41.92, for a total value of $838,400.00. Following the sale, the insider now owns 97,124 shares of the company’s stock, valued at $4,071,438.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kim R. Bingham sold 3,800 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $44.71, for a total value of $169,898.00. Following the completion of the sale, the executive vice president now directly owns 21,803 shares in the company, valued at approximately $974,812.13. The disclosure for this sale can be found here. In the last three months, insiders sold 56,845 shares of company stock worth $2,474,174. 5.76% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. US Bancorp DE raised its position in Cathay General Bancorp by 641.8% in the fourth quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock valued at $134,000 after purchasing an additional 2,747 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Cathay General Bancorp by 202.8% in the fourth quarter. Meeder Asset Management Inc. now owns 3,852 shares of the bank’s stock worth $162,000 after acquiring an additional 2,580 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cathay General Bancorp by 51.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock worth $194,000 after acquiring an additional 1,569 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in shares of Cathay General Bancorp in the third quarter worth $206,000. Finally, Narus Financial Partners LLC acquired a new position in shares of Cathay General Bancorp in the third quarter worth $207,000. 67.91% of the stock is currently owned by institutional investors.

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Cathay General Bancorp Company Profile

Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.

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

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