Zacks: Brokerages Anticipate Cadence Bancorp (CADE) Will Announce Earnings of $0.54 Per Share

Analysts expect Cadence Bancorp (NYSE:CADE) to announce earnings of $0.54 per share for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Cadence Bancorp’s earnings, with the highest EPS estimate coming in at $0.55 and the lowest estimate coming in at $0.51. Cadence Bancorp posted earnings of $0.39 per share during the same quarter last year, which would suggest a positive year over year growth rate of 38.5%. The business is expected to issue its next quarterly earnings results on Wednesday, January 23rd.

On average, analysts expect that Cadence Bancorp will report full-year earnings of $2.10 per share for the current year, with EPS estimates ranging from $2.07 to $2.14. For the next fiscal year, analysts expect that the firm will report earnings of $2.28 per share, with EPS estimates ranging from $2.19 to $2.43. Zacks’ EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Cadence Bancorp.

Cadence Bancorp (NYSE:CADE) last released its quarterly earnings results on Monday, October 22nd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.05. The business had revenue of $122.08 million during the quarter, compared to the consensus estimate of $120.97 million. Cadence Bancorp had a return on equity of 12.30% and a net margin of 25.78%.

Several analysts recently issued reports on CADE shares. Stephens set a $34.00 price target on Cadence Bancorp and gave the company a “buy” rating in a research note on Monday, October 22nd. Zacks Investment Research raised Cadence Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Monday, October 8th. Morgan Stanley assumed coverage on Cadence Bancorp in a report on Tuesday, September 25th. They issued an “equal weight” rating and a $30.00 price objective for the company. ValuEngine cut Cadence Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, July 31st. Finally, Keefe, Bruyette & Woods raised Cadence Bancorp from a “market perform” rating to an “outperform” rating and set a $32.00 price objective for the company in a report on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Cadence Bancorp presently has a consensus rating of “Buy” and an average price target of $30.38.

In other news, Director William B. Harrison, Jr. bought 23,000 shares of the stock in a transaction on Wednesday, October 24th. The stock was acquired at an average price of $21.72 per share, with a total value of $499,560.00. Following the acquisition, the director now directly owns 90,919 shares in the company, valued at $1,974,760.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jerry W. Powell bought 4,000 shares of the stock in a transaction on Wednesday, October 24th. The stock was purchased at an average cost of $20.49 per share, with a total value of $81,960.00. The disclosure for this purchase can be found here. Insiders have sold a total of 401,103 shares of company stock valued at $10,994,233 in the last three months. 0.09% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its holdings in Cadence Bancorp by 609.9% in the 1st quarter. Royal Bank of Canada now owns 6,389 shares of the company’s stock worth $174,000 after purchasing an additional 5,489 shares in the last quarter. Laurion Capital Management LP acquired a new position in Cadence Bancorp in the 2nd quarter worth about $916,000. OMERS ADMINISTRATION Corp acquired a new position in Cadence Bancorp in the 2nd quarter worth about $1,236,000. Bank of America Corp DE increased its holdings in Cadence Bancorp by 79.7% in the 2nd quarter. Bank of America Corp DE now owns 323,587 shares of the company’s stock worth $9,342,000 after purchasing an additional 143,536 shares in the last quarter. Finally, FMR LLC increased its holdings in Cadence Bancorp by 1,022.2% in the 2nd quarter. FMR LLC now owns 2,392,476 shares of the company’s stock worth $69,071,000 after purchasing an additional 2,179,276 shares in the last quarter. 87.82% of the stock is owned by institutional investors and hedge funds.

CADE opened at $20.33 on Friday. The firm has a market capitalization of $1.70 billion, a P/E ratio of 13.74 and a beta of 1.20. Cadence Bancorp has a 1 year low of $20.23 and a 1 year high of $31.44. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.95%. Cadence Bancorp’s dividend payout ratio (DPR) is currently 40.54%.

Cadence Bancorp Company Profile

Cadence Bancorporation operates as the bank holding company for Cadence Bank, N.A. that provides commercial banking products and services to businesses, high net worth individuals, business owners, and retail customers in the United States. The company operates through Banking and Financial Services segments.

Featured Article: Can individual investors take part in an IPO?

Get a free copy of the Zacks research report on Cadence Bancorp (CADE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Cadence Bancorp (NYSE:CADE)

Receive News & Ratings for Cadence Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply