Cathay General Bancorp (NASDAQ:CATY) announced a quarterly dividend on Thursday, November 15th, RTT News reports. Stockholders of record on Monday, December 3rd will be given a dividend of 0.31 per share by the bank on Thursday, December 13th. This represents a $1.24 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Friday, November 30th. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.24.
Cathay General Bancorp has increased its dividend by an average of 58.1% annually over the last three years and has raised its dividend every year for the last 5 years. Cathay General Bancorp has a payout ratio of 37.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Cathay General Bancorp to earn $3.52 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 35.2%.
NASDAQ:CATY opened at $38.21 on Friday. Cathay General Bancorp has a one year low of $35.73 and a one year high of $45.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $3.10 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 1.43 and a beta of 1.28.
Cathay General Bancorp announced that its board has approved a stock repurchase plan on Friday, October 26th that allows the company to repurchase $45.00 million in shares. This repurchase authorization allows the bank to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Several research firms have recently commented on CATY. ValuEngine lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. BidaskClub upgraded shares of Cathay General Bancorp from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $47.64.
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About Cathay General Bancorp
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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