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

Cathay General Bancorp (NASDAQ:CATY) issued its quarterly earnings data on Monday. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates 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%. The business had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. During the same period in the previous year, the company posted $1.13 earnings per share.

Cathay General Bancorp Trading Up 0.5 %

Shares of Cathay General Bancorp stock traded up $0.24 during trading hours on Wednesday, reaching $45.63. 228,010 shares of the company’s stock were exchanged, compared to its average volume of 328,161. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $46.70. The company has a fifty day moving average of $43.13 and a 200-day moving average of $39.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 10.06 and a beta of 1.11.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were issued a $0.34 dividend. The ex-dividend date was Thursday, August 29th. This represents a $1.36 annualized dividend and a yield of 2.98%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Wedbush increased their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Truist Financial raised their price target on 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, Piper Sandler upped their price objective on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $44.00.

Insider Activity

In related news, EVP Kim R. Bingham sold 6,000 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.89, for a total transaction of $269,340.00. Following the transaction, the executive vice president now directly owns 45,530 shares in the company, valued at approximately $2,043,841.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman Dunson K. Cheng sold 12,401 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the sale, the chairman now directly owns 149,566 shares of the company’s stock, valued at $6,699,061.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kim R. Bingham sold 6,000 shares of the 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 transaction, the executive vice president now directly owns 45,530 shares in the company, 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. Insiders sold a total of 38,401 shares of company stock valued at $1,728,581 over the last quarter. Company 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.