Cathay General Bancorp (NASDAQ:CATY) announced a quarterly dividend on Thursday, February 20th, Fidelity reports. Investors of record on Monday, March 2nd will be paid a dividend of 0.31 per share by the bank on Thursday, March 12th. This represents a $1.24 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, February 28th.
Cathay General Bancorp has increased its dividend payment by an average of 12.5% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Cathay General Bancorp has a payout ratio of 37.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cathay General Bancorp to earn $3.53 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 35.1%.
Shares of Cathay General Bancorp stock opened at $33.44 on Thursday. The firm has a market capitalization of $2.70 billion, a PE ratio of 9.61 and a beta of 1.28. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.35. The firm’s 50 day moving average is $36.79 and its 200 day moving average is $36.05. Cathay General Bancorp has a 1 year low of $31.89 and a 1 year high of $39.23.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $149.86 million for the quarter, compared to analyst estimates of $152.30 million. Cathay General Bancorp had a net margin of 34.29% and a return on equity of 12.67%. During the same period in the previous year, the firm posted $0.80 EPS. As a group, research analysts anticipate that Cathay General Bancorp will post 3.32 earnings per share for the current year.
In other news, EVP Lisa L. Kim sold 1,360 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $37.04, for a total value of $50,374.40. Following the sale, the executive vice president now directly owns 428 shares of the company’s stock, valued at approximately $15,853.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Dunson K. Cheng sold 17,969 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $37.62, for a total transaction of $675,993.78. Following the completion of the sale, the chairman now directly owns 43,015 shares in the company, valued at $1,618,224.30. The disclosure for this sale can be found here. Insiders own 4.73% of the company’s stock.
Several brokerages recently issued reports on CATY. Zacks Investment Research raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, December 24th. ValuEngine raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, January 4th. Finally, BidaskClub lowered shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $41.50.
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.
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