Cathay General Bancorp (NASDAQ:CATY) Posts Earnings Results, Misses Expectations By $0.04 EPS

Cathay General Bancorp (NASDAQ:CATY) released its quarterly earnings data on Monday. The bank reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04), Yahoo Finance reports. The firm had revenue of $339.25 million during the quarter, compared to the consensus estimate of $188.85 million. Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%. During the same quarter in the prior year, the company earned $1.32 EPS.

Cathay General Bancorp Trading Down 4.7 %

NASDAQ:CATY opened at $34.89 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a 50-day moving average of $37.91 and a 200-day moving average of $38.84. The company has a market cap of $2.54 billion, a PE ratio of 7.18 and a beta of 1.12. Cathay General Bancorp has a one year low of $27.24 and a one year high of $45.72.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is presently 27.98%.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total value of $304,150.00. Following the transaction, the insider now directly owns 204,500 shares in the company, valued at $8,885,525. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CATY shares. StockNews.com cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Keefe, Bruyette & Woods lowered their target price on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday. Truist Financial lowered their target price on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating for the company in a report on Monday, April 1st. Finally, Wedbush reiterated an “outperform” rating and set a $44.00 target price on shares of Cathay General Bancorp in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $39.40.

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.