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. It also provides loan products, such as commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, and home equity lines of credit, as well as installment loans to individuals for household, and other consumer expenditures. In addition, the company offers trade financing, letter of credit, wire transfer, forward currency spot and forward contract, traveler's check, safe deposit, night deposit, social security payment deposit, collection, bank-by-mail, drive-up and walk-up window, automatic teller machine, Internet banking, investment, and other customary bank services, as well as securities and insurance products. As of March 1, 2022, it operated 31 branches in Southern California, 16 branches in Northern California, 10 branches in New York, four branches in Washington, two branches in Illinois, and two branches in Texas, as well as one branch each in Maryland, Massachusetts, Nevada, and New Jersey, and Hong Kong; and a representative office each in Beijing, Taipei, and Shanghai. The company was founded in 1962 and is headquartered in Los Angeles, California.
Analysts Set New Price Targets
CATY has been the topic of several recent research reports. Stephens reduced their target price on shares of Cathay General Bancorp to $44.00 in a research note on Tuesday, July 26th. Piper Sandler cut their price target on shares of Cathay General Bancorp to $43.00 in a research report on Monday, July 4th. Finally, Truist Financial cut their price target on shares of Cathay General Bancorp from $46.00 to $43.00 in a research report on Wednesday, June 15th.
Cathay General Bancorp Stock Performance
Shares of NASDAQ:CATY opened at $42.06 on Friday. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 10.31 and a beta of 1.17. The firm's 50 day simple moving average is $40.25 and its 200 day simple moving average is $42.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a fifty-two week low of $37.37 and a fifty-two week high of $48.88.
Cathay General Bancorp (NASDAQ:CATY - Get Rating) last announced its earnings results on Monday, July 25th. The bank reported $1.18 EPS for the quarter, topping the consensus estimate of $1.17 by $0.01. Cathay General Bancorp had a net margin of 40.69% and a return on equity of 12.77%. During the same quarter in the prior year, the company posted $0.97 EPS. As a group, sell-side analysts forecast that Cathay General Bancorp will post 4.7 earnings per share for the current year.
Cathay General Bancorp Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 6th. Shareholders of record on Friday, May 27th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, May 26th. This represents a $1.36 annualized dividend and a yield of 3.23%. Cathay General Bancorp's dividend payout ratio (DPR) is currently 33.33%.
Insiders Place Their Bets
In other Cathay General Bancorp news, EVP Kim R. Bingham sold 6,000 shares of the firm's stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $41.33, for a total transaction of $247,980.00. Following the sale, the executive vice president now directly owns 34,884 shares in the company, valued at approximately $1,441,755.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Vice Chairman Anthony M. Tang sold 5,000 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $41.55, for a total value of $207,750.00. Following the sale, the insider now directly owns 243,964 shares in the company, valued at $10,136,704.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $41.33, for a total transaction of $247,980.00. Following the completion of the sale, the executive vice president now owns 34,884 shares in the company, valued at $1,441,755.72. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company's stock.
