Cathay General Bancorp (NASDAQ:CATY) Issues Earnings Results

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) issued its earnings results on Monday. The bank reported $0.94 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.01), Briefing.com reports. The business had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. During the same period last year, the business earned $1.13 EPS.

Cathay General Bancorp Stock Up 1.8 %

Shares of CATY traded up $0.80 during mid-day trading on Tuesday, hitting $45.39. 282,492 shares of the company's stock were exchanged, compared to its average volume of 328,652. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 10.04 and a beta of 1.11. The firm has a fifty day moving average of $43.03 and a two-hundred day moving average of $39.61. 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.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp's dividend payout ratio (DPR) is presently 30.09%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. StockNews.com upgraded Cathay General Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 19th. Truist Financial raised their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a "hold" rating in a report on Friday, September 20th. Piper Sandler upped their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an "underweight" rating in a research note on Tuesday, July 23rd. Finally, Wedbush increased their target price on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, Cathay General Bancorp presently has an average rating of "Hold" and a consensus target price of $43.50.

Insider Activity at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $45.19, for a total value of $903,800.00. Following the transaction, the insider now owns 355,252 shares of the company's stock, valued at $16,053,837.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Vice Chairman Peter Wu sold 20,000 shares of the business's stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the transaction, the insider now owns 355,252 shares of the company's stock, valued at approximately $16,053,837.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the sale, the chairman now owns 149,566 shares of the company's stock, valued at approximately $6,699,061.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,401 shares of company stock valued at $1,728,581. Insiders own 4.76% of the company's stock.

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.