Cathay General Bancorp (NASDAQ:CATY) Issues Earnings Results

Cathay General Bancorp (NASDAQ:CATY) announced its quarterly earnings results on Monday. The bank reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02), Briefing.com reports. The business had revenue of $178.53 million for the quarter, compared to the consensus estimate of $179.19 million. Cathay General Bancorp had a return on equity of 12.04% and a net margin of 22.08%. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.28 EPS.

Cathay General Bancorp Trading Up 0.7 %

Shares of NASDAQ CATY opened at $43.30 on Wednesday. The company’s fifty day moving average is $37.53 and its 200-day moving average is $38.33. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 9.58 and a beta of 1.13. Cathay General Bancorp has a twelve month low of $32.08 and a twelve month high of $45.72. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.14%. Cathay General Bancorp’s dividend payout ratio is 30.09%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CATY. Truist Financial cut their price target on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, April 25th. Keefe, Bruyette & Woods lowered their price target on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday, April 23rd. Wedbush raised their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday. Piper Sandler raised their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday. Finally, StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $41.20.

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.