Cathay General Bancorp (NASDAQ:CATY) Releases Earnings Results, Misses Expectations By $0.02 EPS

Cathay General Bancorp (NASDAQ:CATY) released its quarterly earnings data on Wednesday. The bank reported $1.43 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.02), FiscalAI reports. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%. The business had revenue of $230.55 million during the quarter, compared to the consensus estimate of $227.45 million.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY traded down $0.04 on Wednesday, hitting $60.63. The company’s stock had a trading volume of 406,203 shares, compared to its average volume of 461,407. The company has a 50-day simple moving average of $61.47 and a 200 day simple moving average of $59.68. Cathay General Bancorp has a 1 year low of $44.57 and a 1 year high of $65.25. The company has a market capitalization of $4.04 billion, a PE ratio of 11.84 and a beta of 0.89. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.04.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 28th. Cathay General Bancorp’s dividend payout ratio is currently 29.69%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CATY shares. Piper Sandler increased their target price on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a research report on Monday, July 27th. Stephens lifted their price target on Cathay General Bancorp from $56.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Cathay General Bancorp in a research report on Friday, October 2nd. DA Davidson boosted their price objective on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods increased their price objective on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cathay General Bancorp currently has a consensus rating of “Hold” and an average price target of $62.25.

Insider Transactions at Cathay General Bancorp

In other news, EVP Thomas M. Lo sold 1,600 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $62.47, for a total transaction of $99,952.00. Following the completion of the transaction, the executive vice president owned 2,362 shares of the company’s stock, valued at approximately $147,554.14. The trade was a 40.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard Sun sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $62.31, for a total transaction of $62,310.00. Following the completion of the transaction, the director owned 2,200 shares in the company, valued at approximately $137,082. This trade represents a 31.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 31,600 shares of company stock valued at $1,996,362. Corporate insiders own 4.53% of the company’s stock.

About Cathay General Bancorp

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California. Its principal subsidiary, Cathay Bank, provides banking and financial services to individuals, families, businesses and institutions, with a particular focus on serving the Chinese American and broader communities in the markets where it operates.

Cathay Bank offers deposit accounts, residential and commercial real estate loans, commercial and industrial lending, small-business financing, consumer loans, treasury management and other traditional banking services.