Cathay General Bancorp (NASDAQ:CATY) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Cathay General Bancorp (NASDAQ:CATY) released its quarterly earnings results on Monday. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04), Yahoo Finance reports. Cathay General Bancorp had a return on equity of 13.16% and a net margin of 24.41%. The business had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. During the same quarter last year, the firm posted $1.32 EPS.

Cathay General Bancorp Price Performance

CATY opened at $34.89 on Wednesday. The stock has a fifty day moving average of $37.91 and a 200-day moving average of $38.84. The firm has a market capitalization of $2.54 billion, a P/E ratio of 7.72 and a beta of 1.12. Cathay General Bancorp has a 12-month low of $27.24 and a 12-month high of $45.72. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.25.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.34 per share. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.90%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Insider Activity

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the stock in a transaction on Monday, January 29th. The stock was sold at an average price of $43.45, for a total transaction of $304,150.00. Following the completion of the sale, the insider now directly owns 204,500 shares in the company, valued at $8,885,525. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 4.76% of the company’s stock.

Wall Street Analyst Weigh In

CATY has been the topic of several recent analyst reports. StockNews.com cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Wedbush reiterated an “outperform” rating and set a $44.00 price target on shares of Cathay General Bancorp in a research report on Tuesday. Keefe, Bruyette & Woods dropped their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday. Finally, Truist Financial decreased their price objective on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating for the company in a report on Monday, April 1st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $39.40.

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.