Cathay General Bancorp (NASDAQ:CATY) announced a quarterly dividend on Thursday, May 16th, RTT News reports. Stockholders of record on Monday, June 3rd will be paid a dividend of 0.31 per share by the bank on Thursday, June 13th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Friday, May 31st.
Cathay General Bancorp has increased its dividend payment by an average of 22.5% per year over the last three years and has raised its dividend every year for the last 6 years. Cathay General Bancorp has a payout ratio of 37.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cathay General Bancorp to earn $3.58 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 34.6%.
NASDAQ:CATY opened at $35.29 on Friday. The firm has a market capitalization of $2.84 billion, a P/E ratio of 10.57, a P/E/G ratio of 1.31 and a beta of 1.26. Cathay General Bancorp has a 12-month low of $31.94 and a 12-month high of $44.05. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.29.
Cathay General Bancorp declared that its board has initiated a share buyback plan on Tuesday, May 7th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
A number of research firms recently issued reports on CATY. Zacks Investment Research upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. BidaskClub lowered Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, March 22nd.
In related news, EVP Kim R. Bingham sold 4,200 shares of Cathay General Bancorp stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $37.92, for a total value of $159,264.00. Following the completion of the transaction, the executive vice president now directly owns 28,263 shares in the company, valued at $1,071,732.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.73% of the company’s stock.
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Cathay General Bancorp Company Profile
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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