Cathay General Bancorp (CATY) to Issue Quarterly Dividend of $0.38 on September 8th

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

Cathay General Bancorp has raised its dividend by an average of 0.0%per year 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 cap of $4.13 billion, a P/E ratio of 12.09 and a beta of 0.86. Cathay General Bancorp has a 1-year low of $44.57 and a 1-year high of $65.25. The company has a fifty day simple moving average of $62.43 and a 200 day simple moving average of $56.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.04.

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

Analyst Ratings Changes

CATY has been the subject of a number of analyst reports. Stephens raised their price target on Cathay General Bancorp from $56.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods upped their price objective on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. DA Davidson increased their price objective on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Zacks Research downgraded Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 12th. Finally, Piper Sandler raised their target price 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 assigned a Sell rating to the company. According to MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and an average price target of $62.25.

About Cathay General Bancorp

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.