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

Cathay General Bancorp (NASDAQ:CATY) issued its quarterly earnings results on Monday. The bank reported $0.98 earnings per share (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 company had revenue of $339.25 million for the quarter, compared to analyst estimates of $188.85 million. During the same quarter last year, the company earned $1.32 EPS.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $35.53 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $2.58 billion, a PE ratio of 7.86 and a beta of 1.12. The stock has a 50-day moving average of $37.83 and a 200-day moving average of $38.81. Cathay General Bancorp has a one year low of $27.24 and a one year high of $45.72.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were paid a $0.34 dividend. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.83%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $43.45, for a total value of $304,150.00. Following the completion of the sale, the insider now directly owns 204,500 shares of the company’s stock, valued at approximately $8,885,525. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.76% of the stock is currently owned by company insiders.

Cathay General Bancorp Company Profile

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.