Wall Street brokerages predict that Cadence Bancorp (NYSE:CADE) will announce $195.31 million in sales for the current quarter, Zacks reports. Four analysts have provided estimates for Cadence Bancorp’s earnings. The highest sales estimate is $203.60 million and the lowest is $182.70 million. Cadence Bancorp reported sales of $120.06 million during the same quarter last year, which indicates a positive year over year growth rate of 62.7%. The company is expected to issue its next quarterly earnings results on Monday, July 22nd.
On average, analysts expect that Cadence Bancorp will report full-year sales of $797.28 million for the current financial year, with estimates ranging from $744.20 million to $822.70 million. For the next financial year, analysts expect that the business will report sales of $829.15 million, with estimates ranging from $795.80 million to $850.50 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Cadence Bancorp.
Cadence Bancorp (NYSE:CADE) last issued its quarterly earnings data on Monday, April 29th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.08. The firm had revenue of $200.00 million during the quarter, compared to the consensus estimate of $185.47 million. Cadence Bancorp had a return on equity of 13.06% and a net margin of 25.71%. The company’s quarterly revenue was up 72.3% on a year-over-year basis. During the same period last year, the company earned $0.50 EPS.
A number of brokerages recently issued reports on CADE. Raymond James raised their price objective on Cadence Bancorp from $25.00 to $27.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, April 30th. Zacks Investment Research raised Cadence Bancorp from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Tuesday, June 4th. Stephens reissued a “buy” rating and set a $26.00 price objective on shares of Cadence Bancorp in a research report on Tuesday, April 30th. TheStreet raised Cadence Bancorp from a “d+” rating to a “c-” rating in a research report on Monday, April 15th. Finally, Goldman Sachs Group began coverage on Cadence Bancorp in a research report on Tuesday, March 5th. They set a “buy” rating and a $23.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Cadence Bancorp presently has a consensus rating of “Buy” and an average price target of $25.44.
Shares of NYSE:CADE traded up $0.51 during midday trading on Thursday, reaching $20.54. 816,092 shares of the company’s stock were exchanged, compared to its average volume of 1,368,643. The stock has a 50 day moving average price of $20.24. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $2.58 billion, a PE ratio of 9.92 and a beta of 1.77. Cadence Bancorp has a fifty-two week low of $16.13 and a fifty-two week high of $29.97.
The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 3.41%. The ex-dividend date was Thursday, May 30th. Cadence Bancorp’s dividend payout ratio is currently 33.82%.
In other Cadence Bancorp news, Director J Thomas Wiley, Jr. sold 9,000 shares of Cadence Bancorp stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $22.54, for a total value of $202,860.00. Following the completion of the transaction, the director now directly owns 360,560 shares of the company’s stock, valued at approximately $8,127,022.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph W. Evans sold 49,724 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $22.83, for a total value of $1,135,198.92. Following the transaction, the director now directly owns 405,450 shares of the company’s stock, valued at $9,256,423.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,224 shares of company stock valued at $1,817,309. 3.34% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Morgan Stanley lifted its holdings in Cadence Bancorp by 35.2% during the 3rd quarter. Morgan Stanley now owns 160,186 shares of the company’s stock worth $4,183,000 after buying an additional 41,684 shares during the last quarter. Bank of Montreal Can lifted its holdings in Cadence Bancorp by 205.4% during the 4th quarter. Bank of Montreal Can now owns 2,559 shares of the company’s stock worth $43,000 after buying an additional 1,721 shares during the last quarter. Rhumbline Advisers lifted its holdings in Cadence Bancorp by 51.0% during the 4th quarter. Rhumbline Advisers now owns 101,191 shares of the company’s stock worth $1,698,000 after buying an additional 34,184 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Cadence Bancorp by 617.3% in the 4th quarter. SG Americas Securities LLC now owns 52,076 shares of the company’s stock worth $874,000 after purchasing an additional 44,816 shares during the last quarter. Finally, Stevens Capital Management LP bought a new stake in shares of Cadence Bancorp in the 4th quarter worth approximately $169,000. 91.99% of the stock is owned by institutional investors and hedge funds.
Cadence Bancorp Company Profile
Cadence Bancorporation, a financial holding company, through its subsidiary, Cadence Bank, National Association, provides commercial banking products and services to middle-market commercial businesses, high net worth individuals, business owners, and retail customers in the United States. The company operates through Banking and Financial Services segments.
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