Cathay General falls on weak full-year outlook

Cathay General Bancorp

21/04/2023 16:31

** Shares of Cathay General Bancorp  CATY.O , the holding co
of Cathay Bank, down 2.22% at $32.64
    ** Co cuts FY 2023 outlook for net interest income margin to
3.6%-3.7%  
    ** "We expect the NIM to fall within the lower-end of its
FY23 guidance," says Piper Sandler, cutting PT to $34 from $35
    ** Co sees loan growth rate of 1%-3% at year-end, down from
previous outlook of 3%-5%
    ** Brokerage D.A. Davidson sees the loan growth projection
as an effect of economic uncertainty and climbing interest
rates, cuts PT on co to $38 from $40
    ** Net income for Q1 2023 included a $3 mln write-off, or
$0.03 per share, of Signature Bank debt securities 
    ** CATY stock down $18.17% YTD, as of last close

    

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))