Cathay General Bancorp (NASDAQ:CATY) reported its Q3 results, with a modest beat across several fundamental drivers. Quarterly EPS came in at $0.97, beating the Street estimate of $0.91. Both loan and deposit growth came in better than expected.
The company raised its 2021 loan growth guidance to 5%, compared to 3% to 5% growth prior, and reiterated its 2021 NIM guidance calling for a margin in the range of 3.20% - 3.30%.
Analysts at Wedbush raised their 2021/2022/2023 core EPS estimates to $3.83/$3.85/$4.30 from $3.80/$3.80/$4.29 primarily due to higher average earning assets. As a result, they increased their price target on the company’s shares to $50 from $49.