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

Cathay General Bancorp (NASDAQ:CATY) announced its quarterly earnings data on Monday. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04), Yahoo Finance reports. The firm had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.16%. During the same period in the prior year, the business posted $1.32 EPS.

Cathay General Bancorp Trading Down 4.7 %

Shares of NASDAQ CATY opened at $34.89 on Wednesday. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 7.72 and a beta of 1.12. The company’s fifty day moving average is $37.91 and its 200-day moving average is $38.84. Cathay General Bancorp has a twelve month low of $27.24 and a twelve month high of $45.72. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.25.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.90%. Cathay General Bancorp’s dividend payout ratio is 30.09%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CATY. StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Truist Financial dropped their price objective on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Keefe, Bruyette & Woods reduced their target price on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday. Finally, Wedbush restated an “outperform” rating and set a $44.00 price target on shares of Cathay General Bancorp in a report on Tuesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $39.40.

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $8,885,525. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.76% of the stock is owned by company insiders.

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.