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Cathay General Bancorp (NASDAQ:CATY) Issues Earnings Results

Cathay General Bancorp logo with Finance background

Key Points

  • Cathay General Bancorp reported earnings of $1.13 per share, falling short of analysts' expectations by $0.04.
  • The company declared a quarterly dividend of $0.34 per share, reflecting a 2.9% dividend yield and a payout ratio of 32.85%.
  • Research analysts have mixed ratings on the stock, with an average target price of $50.17 and three analysts rating it as a "Buy."
  • MarketBeat previews top five stocks to own in November.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) issued its quarterly earnings data on Tuesday. The bank reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.02), Zacks reports. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. During the same quarter in the prior year, the business earned $0.94 earnings per share.

Cathay General Bancorp Stock Up 0.3%

CATY stock traded up $0.13 during trading on Tuesday, hitting $47.13. 320,114 shares of the company's stock traded hands, compared to its average volume of 415,578. Cathay General Bancorp has a 1 year low of $36.06 and a 1 year high of $55.29. The business has a fifty day simple moving average of $48.65 and a two-hundred day simple moving average of $45.57. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $3.26 billion, a P/E ratio of 11.38 and a beta of 0.94.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 28th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.9%. Cathay General Bancorp's payout ratio is currently 32.85%.

Analysts Set New Price Targets

A number of research firms recently commented on CATY. Weiss Ratings restated a "buy (b-)" rating on shares of Cathay General Bancorp in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Cathay General Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, October 11th. DA Davidson lifted their target price on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Finally, Stephens lowered shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price target for the company. in a research note on Monday, August 4th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $50.17.

Read Our Latest Stock Analysis on Cathay General Bancorp

Institutional Trading of Cathay General Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. NewEdge Advisors LLC increased its position in shares of Cathay General Bancorp by 319.7% during the second quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank's stock worth $78,000 after purchasing an additional 1,298 shares in the last quarter. Strs Ohio acquired a new stake in Cathay General Bancorp in the first quarter valued at $112,000. Caxton Associates LLP acquired a new position in Cathay General Bancorp during the first quarter worth about $316,000. Quantinno Capital Management LP purchased a new position in Cathay General Bancorp during the second quarter worth $343,000. Finally, Man Group plc acquired a new stake in shares of Cathay General Bancorp during the 2nd quarter worth about $347,000. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

About Cathay General Bancorp

(Get Free Report)

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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Earnings History for Cathay General Bancorp (NASDAQ:CATY)

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