Cathay General Bancorp (CATY) Plans Dividend Increase – $0.22 Per Share
Cathay General Bancorp (NASDAQ:CATY) declared a quarterly dividend on Thursday, February 16th. Investors of record on Wednesday, March 1st will be given a dividend of 0.22 per share on Friday, March 10th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.25%. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.21.
Cathay General Bancorp (NASDAQ:CATY) opened at 39.04 on Friday. Cathay General Bancorp has a 1-year low of $25.66 and a 1-year high of $39.20. The stock has a market capitalization of $3.11 billion, a PE ratio of 17.83 and a beta of 1.19. The company’s 50 day moving average is $37.45 and its 200-day moving average is $33.69.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, January 25th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.60. Cathay General Bancorp had a net margin of 32.89% and a return on equity of 9.94%. The firm had revenue of $117.86 million for the quarter, compared to the consensus estimate of $114.49 million. During the same period in the prior year, the firm posted $0.51 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. Analysts forecast that Cathay General Bancorp will post $2.33 earnings per share for the current fiscal year.
In other Cathay General Bancorp news, insider Dunson K. Cheng sold 40,000 shares of the stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $35.62, for a total transaction of $1,424,800.00. Following the transaction, the insider now directly owns 263,907 shares of the company’s stock, valued at $9,400,367.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Anthony M. Tang sold 32,340 shares of the stock in a transaction on Monday, December 5th. The shares were sold at an average price of $36.03, for a total transaction of $1,165,210.20. Following the transaction, the insider now directly owns 350,000 shares in the company, valued at $12,610,500. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 347,310 shares of company stock worth $12,597,682. Insiders own 6.36% of the company’s stock.
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A number of brokerages recently issued reports on CATY. Zacks Investment Research downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, February 7th. Piper Jaffray Companies raised shares of Cathay General Bancorp from a “neutral” rating to an “overweight” rating and set a $43.00 price target on the stock in a report on Thursday, February 2nd. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $36.40.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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