Cathay General Bancorp to Issue Quarterly Dividend of $0.38 (NASDAQ:CATY)

Cathay General Bancorp (NASDAQ:CATY) announced a quarterly dividend on Friday, August 14th. Stockholders of record on Friday, August 28th will be given a dividend of 0.38 per share by the bank on Tuesday, September 8th. This represents a c) annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 28th.

Cathay General Bancorp has raised its dividend payment by an average of 0.0%annually over the last three years. Cathay General Bancorp has a dividend payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Cathay General Bancorp to earn $5.83 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 26.1%.

Cathay General Bancorp Stock Down 0.7%

Cathay General Bancorp stock opened at $61.89 on Wednesday. The company has a market capitalization of $4.13 billion, a PE ratio of 12.09 and a beta of 0.86. Cathay General Bancorp has a 12-month low of $44.57 and a 12-month high of $65.25. The firm’s fifty day moving average is $62.43 and its 200 day moving average is $56.72. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.04.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. The business had revenue of $221.20 million during the quarter, compared to analysts’ expectations of $218.28 million. During the same period last year, the company posted $1.10 earnings per share. The business’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, sell-side analysts predict that Cathay General Bancorp will post 5.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CATY. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cathay General Bancorp in a research report on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on Cathay General Bancorp from $64.00 to $67.00 and gave the company a “market perform” rating in a research note on Thursday, July 23rd. Stephens upped their target price on Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. Zacks Research cut Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 12th. Finally, Piper Sandler boosted their price target on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $62.25.

Cathay General Bancorp Company Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.