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

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

Cathay General Bancorp Stock Down 3.1 %

Shares of Cathay General Bancorp stock opened at $44.59 on Tuesday. Cathay General Bancorp has a 1 year low of $32.08 and a 1 year high of $46.70. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $3.25 billion, a P/E ratio of 9.87 and a beta of 1.11. The business has a 50-day moving average of $42.95 and a two-hundred day moving average of $39.55.

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. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.36 dividend on an annualized basis and a yield of 3.05%. Cathay General Bancorp’s payout ratio is 30.09%.

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the transaction, the chairman now owns 149,566 shares in the company, valued at approximately $6,699,061.14. This represents 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 link. Also, EVP Kim R. Bingham sold 6,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were 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 in the company, valued at approximately $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. In the last three months, insiders sold 38,401 shares of company stock worth $1,728,581. 4.76% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CATY shares. Wedbush boosted their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler lifted their price objective on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. Finally, Truist Financial increased their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently 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.