Cambridge Bancorp to Post FY2020 Earnings of $6.08 Per Share, Piper Sandler Forecasts (NASDAQ:CATC)

Cambridge Bancorp (NASDAQ:CATC) – Piper Sandler cut their FY2020 earnings estimates for shares of Cambridge Bancorp in a research report issued on Wednesday, January 22nd. Piper Sandler analyst M. Fitzgibbon now expects that the bank will earn $6.08 per share for the year, down from their prior forecast of $6.25. Piper Sandler has a “Neutral” rating and a $80.00 price target on the stock. Piper Sandler also issued estimates for Cambridge Bancorp’s FY2021 earnings at $6.80 EPS.

Cambridge Bancorp (NASDAQ:CATC) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.54 by $0.04. Cambridge Bancorp had a net margin of 19.03% and a return on equity of 13.32%. The company had revenue of $31.54 million during the quarter.

Separately, Keefe, Bruyette & Woods upgraded shares of Cambridge Bancorp from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $85.00 to $87.00 in a report on Tuesday, December 10th.

CATC remained flat at $$75.22 during trading on Friday. 67 shares of the company’s stock traded hands, compared to its average volume of 8,477. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.15. The firm’s fifty day moving average price is $77.51 and its 200 day moving average price is $77.30. Cambridge Bancorp has a 1 year low of $71.24 and a 1 year high of $86.20. The company has a market cap of $364.80 million, a PE ratio of 13.98 and a beta of 0.13.

Several hedge funds have recently made changes to their positions in the company. Nisa Investment Advisors LLC boosted its stake in Cambridge Bancorp by 120.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 330 shares of the bank’s stock worth $26,000 after purchasing an additional 180 shares during the period. Metropolitan Life Insurance Co NY boosted its position in shares of Cambridge Bancorp by 53.8% during the third quarter. Metropolitan Life Insurance Co NY now owns 1,521 shares of the bank’s stock worth $114,000 after buying an additional 532 shares during the period. State Street Corp boosted its position in shares of Cambridge Bancorp by 4.0% during the third quarter. State Street Corp now owns 70,652 shares of the bank’s stock worth $5,300,000 after buying an additional 2,706 shares during the period. Putnam FL Investment Management Co. boosted its position in shares of Cambridge Bancorp by 24.6% during the third quarter. Putnam FL Investment Management Co. now owns 27,992 shares of the bank’s stock worth $2,100,000 after buying an additional 5,523 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Cambridge Bancorp by 50.2% during the third quarter. First Trust Advisors LP now owns 10,014 shares of the bank’s stock worth $751,000 after buying an additional 3,345 shares during the period. Hedge funds and other institutional investors own 35.72% of the company’s stock.

In related news, Director Robert Gregg Stone III purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were acquired at an average price of $75.01 per share, for a total transaction of $75,010.00. 2.34% of the stock is owned by insiders.

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Investors of record on Thursday, February 6th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.82%. This is an increase from Cambridge Bancorp’s previous quarterly dividend of $0.51. The ex-dividend date is Wednesday, February 5th. Cambridge Bancorp’s payout ratio is presently 32.90%.

About Cambridge Bancorp

Cambridge Bancorp operates as the bank holding company for Cambridge Trust Company that provides commercial and consumer banking, and investment management and trust services. The company accepts various deposits, such as checking and savings accounts, certificates of deposit, money market accounts, individual retirement accounts, and time and demand deposits.

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