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

Cathay General Bancorp (NASDAQ:CATY) posted its earnings results 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 company 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 earned $1.13 EPS.

Cathay General Bancorp Stock Performance

NASDAQ:CATY opened at $45.39 on Wednesday. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 10.04 and a beta of 1.11. 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 52 week low of $32.08 and a 52 week high of $46.70. The company has a fifty day simple moving average of $43.03 and a two-hundred day simple moving average of $39.61.

Cathay General Bancorp Announces Dividend

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

Insider Activity

In other Cathay General Bancorp news, EVP Kim R. Bingham sold 6,000 shares of the company’s 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 sale, the executive vice president now owns 45,530 shares in the company, valued at $2,043,841.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp 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 approximately $6,699,061.14. 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 the SEC website. Also, EVP Kim R. Bingham sold 6,000 shares of the business’s stock in a transaction on 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 owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,401 shares of company stock worth $1,728,581. Corporate insiders own 4.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CATY. Truist Financial upped their price objective 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. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler raised their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. Finally, Wedbush boosted their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $43.50.

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.