Cathay General Bancorp (CATY) to Issue Dividend Increase – $0.31 Per Share
Cathay General Bancorp (NASDAQ:CATY) declared a quarterly dividend on Thursday, November 15th, RTT News reports. Stockholders of record on Monday, December 3rd will be paid a dividend of 0.31 per share by the bank on Thursday, December 13th. This represents a $1.24 annualized dividend and a dividend yield of 3.19%. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.24.
Cathay General Bancorp has increased its dividend by an average of 58.1% per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Cathay General Bancorp has a payout ratio of 29.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cathay General Bancorp to earn $3.52 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 27.3%.
Shares of Cathay General Bancorp stock traded up $0.99 during trading hours on Thursday, hitting $38.88. The company had a trading volume of 295,675 shares, compared to its average volume of 386,556. Cathay General Bancorp has a twelve month low of $35.73 and a twelve month high of $45.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 1.43 and a beta of 1.28.
Several research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Cathay General Bancorp from a “strong sell” rating to a “sell” rating in a report on Saturday, July 21st. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Friday, July 20th. ValuEngine cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 target price on shares of Cathay General Bancorp in a report on Friday, July 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $47.64.
Cathay General Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Friday, October 26th that authorizes the company to repurchase $45.00 million in shares. This repurchase authorization authorizes the bank to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.
In related news, Vice Chairman Anthony M. Tang sold 10,000 shares of the stock in a transaction on Monday, August 20th. The shares were sold at an average price of $42.50, for a total transaction of $425,000.00. Following the completion of the sale, the insider now owns 268,225 shares in the company, valued at approximately $11,399,562.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Anthony M. Tang sold 9,781 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $42.50, for a total transaction of $415,692.50. Following the sale, the insider now owns 268,225 shares of the company’s stock, valued at approximately $11,399,562.50. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.
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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.
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