Wedbush Equities Analysts Reduce Earnings Estimates for Cathay General Bancorp (NASDAQ:CATY)

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Cathay General Bancorp (NASDAQ:CATY) – Equities research analysts at Wedbush dropped their FY2019 earnings per share (EPS) estimates for Cathay General Bancorp in a research note issued on Thursday, October 17th. Wedbush analyst D. Chiaverini now anticipates that the bank will post earnings of $3.47 per share for the year, down from their prior estimate of $3.48. Wedbush currently has a “Outperform” rating and a $39.00 target price on the stock. Wedbush also issued estimates for Cathay General Bancorp’s Q4 2019 earnings at $0.84 EPS, Q1 2020 earnings at $0.77 EPS, Q2 2020 earnings at $0.81 EPS, Q3 2020 earnings at $0.85 EPS, Q4 2020 earnings at $0.86 EPS, FY2020 earnings at $3.29 EPS and FY2021 earnings at $3.55 EPS.

Several other research firms have also issued reports on CATY. Piper Jaffray Companies set a $44.00 target price on shares of Cathay General Bancorp and gave the stock a “buy” rating in a report on Monday, July 8th. Zacks Investment Research raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, October 10th. ValuEngine raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $41.50.

Cathay General Bancorp stock opened at $35.77 on Monday. The firm has a 50 day moving average of $34.45 and a 200 day moving average of $35.13. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 10.71, a P/E/G ratio of 1.27 and a beta of 1.28. Cathay General Bancorp has a 12-month low of $31.89 and a 12-month high of $40.11. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 0.35.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.03. The firm had revenue of $157.39 million during the quarter, compared to analyst estimates of $156.07 million. Cathay General Bancorp had a net margin of 34.23% and a return on equity of 12.68%. During the same quarter in the prior year, the firm earned $0.85 EPS.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Cathay General Bancorp by 5.6% in the 2nd quarter. BlackRock Inc. now owns 11,010,837 shares of the bank’s stock worth $395,399,000 after purchasing an additional 588,789 shares during the period. Northern Trust Corp boosted its stake in Cathay General Bancorp by 5.4% in the 2nd quarter. Northern Trust Corp now owns 2,495,947 shares of the bank’s stock worth $89,629,000 after purchasing an additional 127,030 shares during the period. Nuveen Asset Management LLC boosted its stake in Cathay General Bancorp by 81.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,382,358 shares of the bank’s stock worth $85,550,000 after purchasing an additional 1,067,513 shares during the period. LSV Asset Management boosted its stake in Cathay General Bancorp by 15.6% in the 2nd quarter. LSV Asset Management now owns 1,384,125 shares of the bank’s stock worth $49,703,000 after purchasing an additional 186,579 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in Cathay General Bancorp by 10.5% in the 2nd quarter. Amundi Pioneer Asset Management Inc. now owns 809,200 shares of the bank’s stock worth $82,980,000 after purchasing an additional 76,641 shares during the period. Institutional investors and hedge funds own 71.17% of the company’s stock.

In other Cathay General Bancorp news, EVP Lisa L. Kim sold 3,745 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $34.70, for a total value of $129,951.50. Following the completion of the transaction, the executive vice president now directly owns 3,288 shares in the company, valued at approximately $114,093.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kim R. Bingham sold 3,400 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $36.21, for a total value of $123,114.00. Following the completion of the transaction, the executive vice president now owns 25,269 shares of the company’s stock, valued at $914,990.49. The disclosure for this sale can be found here. Corporate insiders own 4.73% 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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