DA Davidson Has Negative Forecast for CATY FY2025 Earnings

Cathay General Bancorp (NASDAQ:CATY) – DA Davidson lowered their FY2025 earnings estimates for Cathay General Bancorp in a report issued on Monday, September 29th. DA Davidson analyst G. Tenner now forecasts that the bank will earn $4.56 per share for the year, down from their previous estimate of $4.57. DA Davidson currently has a “Neutral” rating and a $51.00 target price on the stock. The consensus estimate for Cathay General Bancorp’s current full-year earnings is $4.47 per share.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.10. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The firm had revenue of $196.61 million during the quarter, compared to analysts’ expectations of $197.04 million. During the same quarter in the previous year, the business posted $0.97 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year.

Several other brokerages have also recently issued reports on CATY. Keefe, Bruyette & Woods increased their price objective on Cathay General Bancorp from $51.00 to $52.00 and gave the company a “market perform” rating in a research note on Wednesday, July 23rd. Wall Street Zen downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Friday, September 26th. Finally, Stephens cut Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective for the company. in a research note on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $50.17.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $47.96 on Wednesday. The firm has a 50 day moving average of $48.11 and a two-hundred day moving average of $45.10. The stock has a market capitalization of $3.31 billion, a PE ratio of 11.58 and a beta of 0.94. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19. Cathay General Bancorp has a 52 week low of $36.06 and a 52 week high of $55.29.

Hedge Funds Weigh In On Cathay General Bancorp

Several hedge funds have recently made changes to their positions in CATY. Hantz Financial Services Inc. lifted its holdings in shares of Cathay General Bancorp by 5,438.5% in the 2nd quarter. Hantz Financial Services Inc. now owns 720 shares of the bank’s stock valued at $33,000 after purchasing an additional 707 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Cathay General Bancorp during the first quarter worth approximately $46,000. Caitong International Asset Management Co. Ltd lifted its stake in Cathay General Bancorp by 174.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,201 shares of the bank’s stock valued at $52,000 after buying an additional 764 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Cathay General Bancorp by 319.7% in the second quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank’s stock valued at $78,000 after acquiring an additional 1,298 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Cathay General Bancorp by 36.8% during the first quarter. Smartleaf Asset Management LLC now owns 2,454 shares of the bank’s stock worth $105,000 after acquiring an additional 660 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 28th were given a $0.34 dividend. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $1.36 dividend on an annualized basis and a yield of 2.8%. Cathay General Bancorp’s payout ratio is 32.85%.

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.