In its first quarter, the company reported revenue totaling $187.8 million, surpassing analysts' expectations of $186.2 million. This performance reflects a favorable net interest margin improvement from the previous quarter. The company, under the leadership of President and CEO Chang M. Liu, successfully concluded its share repurchase program previously announced on May 28th, 2024.
During this program, the company repurchased a total of 876,906 shares at an average price of $46.83 each, culminating in an expenditure of $41.1 million. The buyback initiative was part of a broader $125.0 million strategy aimed at enhancing shareholder value and optimizing capital distribution.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for Cathay General Bancorp (CATY, Financial) is $48.80 with a high estimate of $52.00 and a low estimate of $41.00. The average target implies an upside of 26.42% from the current price of $38.60. More detailed estimate data can be found on the Cathay General Bancorp (CATY) Forecast page.
Based on the consensus recommendation from 5 brokerage firms, Cathay General Bancorp's (CATY, Financial) average brokerage recommendation is currently 2.4, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Cathay General Bancorp (CATY, Financial) in one year is $45.69, suggesting a upside of 18.37% from the current price of $38.6. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Cathay General Bancorp (CATY) Summary page.
