Cathay General Bancorp (CATY) Expected to Post Quarterly Sales of $146.27 Million

Wall Street analysts expect Cathay General Bancorp (NASDAQ:CATY) to announce $146.27 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Cathay General Bancorp’s earnings, with estimates ranging from $145.00 million to $148.20 million. Cathay General Bancorp reported sales of $123.50 million during the same quarter last year, which would suggest a positive year over year growth rate of 18.4%. The firm is expected to issue its next quarterly earnings report on Wednesday, July 18th.

On average, analysts expect that Cathay General Bancorp will report full year sales of $593.80 million for the current fiscal year, with estimates ranging from $589.00 million to $603.20 million. For the next fiscal year, analysts forecast that the firm 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 averages are an average based on a survey of research firms that follow Cathay General Bancorp.

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Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, April 18th. The bank reported $0.78 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. The firm had revenue of $140.65 million during the quarter, compared to analyst estimates of $141.83 million. Cathay General Bancorp had a net margin of 29.83% and a return on equity of 11.02%. During the same quarter last year, the business earned $0.61 EPS.



CATY has been the topic of several recent analyst reports. BidaskClub downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, March 27th. Zacks Investment Research downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. Sandler O’Neill reaffirmed a “hold” rating and issued a $45.00 price target on shares of Cathay General Bancorp in a research note on Thursday, January 4th. ValuEngine downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Finally, Piper Jaffray reaffirmed a “buy” rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $44.61.

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 33,045 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $44.36, for a total transaction of $1,465,876.20. Following the transaction, the insider now owns 12,976 shares of the company’s stock, valued at approximately $575,615.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kim R. Bingham sold 3,800 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $44.71, for a total transaction of $169,898.00. Following the transaction, 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. Insiders have sold a total of 56,845 shares of company stock worth $2,474,174 in the last three months. Insiders own 5.76% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CATY. APG Asset Management N.V. increased its position in Cathay General Bancorp by 219.7% during the 4th quarter. APG Asset Management N.V. now owns 392,900 shares of the bank’s stock valued at $13,798,000 after purchasing an additional 270,000 shares during the period. Chicago Equity Partners LLC grew its position in shares of Cathay General Bancorp by 159.1% in the 4th quarter. Chicago Equity Partners LLC now owns 242,780 shares of the bank’s stock worth $10,238,000 after buying an additional 149,090 shares during the last quarter. BlackRock Inc. grew its position in shares of Cathay General Bancorp by 1.3% in the 4th quarter. BlackRock Inc. now owns 8,862,311 shares of the bank’s stock worth $373,722,000 after buying an additional 112,337 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in shares of Cathay General Bancorp by 22.0% in the 4th quarter. TIAA CREF Investment Management LLC now owns 465,810 shares of the bank’s stock worth $19,643,000 after buying an additional 84,086 shares during the last quarter. Finally, MetLife Investment Advisors LLC purchased a new position in shares of Cathay General Bancorp in the 4th quarter worth approximately $3,478,000. 67.91% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cathay General Bancorp stock traded down $0.35 during trading on Thursday, hitting $40.11. The stock had a trading volume of 587,674 shares, compared to its average volume of 358,827. The firm has a market capitalization of $3,257.21, a PE ratio of 15.02, a price-to-earnings-growth ratio of 1.56 and a beta of 1.38. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.27. Cathay General Bancorp has a 12 month low of $34.00 and a 12 month high of $45.59.

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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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