Wall Street brokerages expect Cadence Bancorp (NYSE:CADE) to announce $196.88 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Cadence Bancorp’s earnings, with the highest sales estimate coming in at $203.80 million and the lowest estimate coming in at $182.70 million. Cadence Bancorp posted sales of $120.06 million in the same quarter last year, which suggests a positive year over year growth rate of 64%. The firm is expected to report its next quarterly earnings report before the market opens on Monday, July 22nd.
On average, analysts expect that Cadence Bancorp will report full year sales of $796.49 million for the current financial year, with estimates ranging from $744.20 million to $824.20 million. For the next financial year, analysts expect that the business will report sales of $817.12 million, with estimates ranging from $794.09 million to $847.00 million. Zacks’ sales averages are an average based on a survey of analysts that cover Cadence Bancorp.
Cadence Bancorp (NYSE:CADE) last released its quarterly earnings results on Monday, April 29th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.08. The company 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 firm’s revenue was up 72.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 EPS.
Several equities analysts recently weighed in on the company. Stephens assumed coverage on LiqTech International in a research report on Tuesday, July 9th. They set an “overweight” rating and a $13.00 price objective for the company. Raymond James set a C$13.50 price objective on Secure Energy Services and gave the stock a “strong-buy” rating in a research report on Tuesday, April 30th. TheStreet raised Vectrus from a “c+” rating to a “b” rating in a research report on Monday, April 15th. Finally, Zacks Investment Research cut First Merchants from a “hold” rating to a “sell” rating in a research report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $25.11.
Shares of CADE traded up $0.03 during trading hours on Friday, hitting $19.01. 1,110,900 shares of the company were exchanged, compared to its average volume of 1,319,485. The company has a market capitalization of $2.50 billion, a P/E ratio of 9.18 and a beta of 1.79. The company’s 50 day simple moving average is $19.91. Cadence Bancorp has a 52 week low of $16.13 and a 52 week high of $29.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.99 and a current ratio of 1.00.
In related news, Director J Thomas Wiley, Jr. sold 9,000 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $22.54, for a total transaction of $202,860.00. Following the completion of the sale, the director now directly owns 360,560 shares of the company’s stock, valued at $8,127,022.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David F. Black sold 22,500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $21.30, for a total value of $479,250.00. Following the sale, the insider now directly owns 29,685 shares of the company’s stock, valued at $632,290.50. The disclosure for this sale can be found here. Insiders have sold a total of 81,224 shares of company stock valued at $1,817,309 in the last three months. 3.34% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Prudential Financial Inc. purchased a new position in Cadence Bancorp in the fourth quarter worth about $3,059,000. LPL Financial LLC raised its holdings in Cadence Bancorp by 26.5% in the fourth quarter. LPL Financial LLC now owns 37,353 shares of the company’s stock worth $627,000 after buying an additional 7,832 shares during the last quarter. California Public Employees Retirement System raised its holdings in Cadence Bancorp by 17.2% in the fourth quarter. California Public Employees Retirement System now owns 67,833 shares of the company’s stock worth $1,138,000 after buying an additional 9,973 shares during the last quarter. BlackRock Inc. raised its holdings in Cadence Bancorp by 17.0% in the fourth quarter. BlackRock Inc. now owns 6,811,298 shares of the company’s stock worth $114,294,000 after buying an additional 987,754 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Cadence Bancorp by 68.7% in the fourth quarter. Bank of New York Mellon Corp now owns 558,181 shares of the company’s stock worth $9,366,000 after buying an additional 227,380 shares during the last quarter. 91.99% of the stock is owned by hedge funds and other institutional investors.
About Cadence Bancorp
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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