Cathay General Bancorp ($CATY) 3Q20 Earnings Sneak Preview

Cathay General Bancorp (NASDAQ:CATY) is reporting third quarter earnings results on Monday 26th October 2020, after market close.

The consensus estimates from Thomson Reuters are income of $ 0.61 per share.

For the full year, analysts predict revenues of $ 594.76 million, while looking forward to income of $ 2.52 per share.

Previous Quarter Performance

Cathay General Bancorp unfold income for the second quarter of $ 0.68 per share, from the revenue of $ 150.08 million. The quarterly earnings decreased 24.44 percent while revenues declined 3.90 percent compared with the same quarter last year.
Street analysts expected Cathay General Bancorp to report income of $ 0.57 per share on revenue of $ 145.43 million for the second quarter. The bottom line results beat street analysts by $ 0.11 or 19.30 percent, at the same time, top line results outshined analysts by $ 4.65 million or 3.20 percent.

Stock Performance

On Friday, shares of Cathay General Bancorp has traded high as $ 24.88 and has cracked $ 24.08 on the downward trend, reaching $ 24.23 with volume of 234.60 thousand shares.

According to the previous trading day, closing price of $ 24.23, representing a 38.68 % increase from the 52 week low of $ 17.58 and a 37.34 % decrease over the 52 week high of $ 38.91.

The company has a market capital of $ 1.93 billion and is part of the Financial Services sector and Banks – Regional – US industry.

Recent Analyst recommendations

  • On 1st October 2020, maintained by Piper Sandler at Neutral rating, with $ 25.00 target price.
Conference Call

Cathay General Bancorp will be hosting a conference call at 6:00 PM eastern time on 26th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website

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. It also provides loan products, such as commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, and home equity lines of credit, as well as installment loans to individuals for automobile, household, and other consumer expenditures.