Cathay General Bancorp (NASDAQ:CATY) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Cathay General Bancorp (NASDAQ:CATY) released its quarterly earnings data on Monday. The bank reported $0.94 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.01), Briefing.com reports. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. During the same period in the previous year, the company earned $1.13 EPS.

Cathay General Bancorp Price Performance

Shares of CATY opened at $44.59 on Tuesday. The company has a 50 day moving average of $42.95 and a two-hundred day moving average of $39.55. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. Cathay General Bancorp has a twelve month low of $32.08 and a twelve month high of $46.70. The company has a market cap of $3.25 billion, a price-to-earnings ratio of 9.87 and a beta of 1.11.

Cathay General Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.36 annualized dividend and a dividend yield of 3.05%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Insider Transactions at Cathay General Bancorp

In other news, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.89, for a total value of $269,340.00. Following the completion of the sale, the executive vice president now owns 45,530 shares of the company’s stock, valued at $2,043,841.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Vice Chairman Peter Wu sold 20,000 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $45.19, for a total transaction of $903,800.00. Following the transaction, the insider now owns 355,252 shares in the company, valued at $16,053,837.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.89, for a total transaction of $269,340.00. Following the completion of the sale, the executive vice president now owns 45,530 shares of the company’s stock, valued at $2,043,841.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,401 shares of company stock valued at $1,728,581. Corporate insiders own 4.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CATY. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler raised their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Truist Financial upped their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Wedbush increased their price objective on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $43.50.

About Cathay General Bancorp

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.