Cathay General Bancorp (NASDAQ:CATY) Expected to Post Q3 2019 Earnings of $0.90 Per Share
Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at Piper Jaffray Companies increased their Q3 2019 earnings estimates for Cathay General Bancorp in a report issued on Monday, July 8th. Piper Jaffray Companies analyst M. Clark now anticipates that the bank will earn $0.90 per share for the quarter, up from their prior estimate of $0.88. Piper Jaffray Companies has a “Buy” rating and a $44.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Cathay General Bancorp’s FY2020 earnings at $3.50 EPS.
CATY has been the topic of a number of other research reports. BidaskClub upgraded shares of Westport Fuel Systems from a “hold” rating to a “buy” rating in a report on Friday. Zacks Investment Research lowered shares of First Merchants from a “hold” rating to a “sell” rating in a research note on Monday, July 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $46.00.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.03. Cathay General Bancorp had a net margin of 36.43% and a return on equity of 13.08%. The company had revenue of $156.24 million for the quarter, compared to analyst estimates of $153.10 million. During the same quarter in the prior year, the business posted $0.78 EPS.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Monday, June 3rd were paid a dividend of $0.31 per share. The ex-dividend date was Friday, May 31st. This represents a $1.24 annualized dividend and a dividend yield of 3.51%. Cathay General Bancorp’s payout ratio is currently 37.13%.
Cathay General Bancorp declared that its board has approved a stock buyback program on Tuesday, May 7th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to purchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JOYN Advisors Inc. boosted its holdings in Cathay General Bancorp by 198.0% in the 4th quarter. JOYN Advisors Inc. now owns 733 shares of the bank’s stock worth $25,000 after buying an additional 487 shares during the period. Pearl River Capital LLC boosted its holdings in Cathay General Bancorp by 288.0% in the 1st quarter. Pearl River Capital LLC now owns 1,296 shares of the bank’s stock worth $44,000 after buying an additional 962 shares during the period. Royce & Associates LP bought a new position in Cathay General Bancorp in the 1st quarter worth approximately $48,000. Denali Advisors LLC bought a new position in Cathay General Bancorp in the 2nd quarter worth approximately $108,000. Finally, NumerixS Investment Technologies Inc bought a new position in Cathay General Bancorp in the 1st quarter worth approximately $122,000. 71.58% of the stock is owned by institutional investors.
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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