Cathay General Bancorp reported Q3 2024 revenue of $189.52 million, surpassing the Zacks Consensus Estimate.
Earnings per share (EPS) for Q3 2024 were $0.97, slightly below the consensus estimate but indicating consistent performance over the past quarters.
The stock price of CATY has shown resilience, with a current price of $44.60 and maintaining a significant market capitalization of approximately $3.22 billion.
Cathay General Bancorp (NASDAQ:CATY) is a financial institution that provides a range of banking services. It operates primarily in the United States, focusing on commercial banking. The company competes with other banks in the Zacks Banks – West industry. On October 22, 2024, Keefe, Bruyette & Woods reiterated their “Market Perform” rating for CATY, suggesting investors hold the stock, which was priced at $44.89 at the time.
The day before this rating, Cathay General held its Q3 2024 earnings conference call. Key figures such as President & CEO Chang Liu and CFO Heng Chen discussed the company’s financial performance. Analysts from firms like D.A. Davidson and Piper Sandler attended, highlighting the importance of the event. The call provided insights into the company’s strategic direction and financial health.
Cathay General reported Q3 2024 revenue of $189.52 million, a 2.1% decline from the previous year. Despite this, the revenue exceeded the Zacks Consensus Estimate of $182.7 million, resulting in a positive surprise of 3.73%. This indicates that while revenue decreased year-over-year, the company still performed better than analysts expected.
Earnings per share (EPS) for the quarter were $0.97, slightly below the consensus estimate of $0.98 and down from $1.13 in the previous year. This reflects a negative surprise of 1.02%. Despite this, Cathay General has surpassed consensus EPS estimates three times in the past four quarters, showing some consistency in performance.
Currently, CATY’s stock price is $44.60, with a slight increase of 0.01%. The stock has fluctuated between $44 and $46.28 during the day. Over the past year, it reached a high of $46.70 and a low of $32.08. With a market capitalization of approximately $3.22 billion, Cathay General remains a significant player in its industry.