Equities research analysts forecast that Cadence Bancorp (NYSE:CADE) will report sales of $186.82 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Cadence Bancorp’s earnings, with estimates ranging from $183.80 million to $194.16 million. Cadence Bancorp reported sales of $194.83 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 4.1%. The company is expected to issue its next quarterly earnings report on Wednesday, October 28th.
According to Zacks, analysts expect that Cadence Bancorp will report full year sales of $749.04 million for the current fiscal year, with estimates ranging from $740.20 million to $758.12 million. For the next fiscal year, analysts expect that the firm will post sales of $734.21 million, with estimates ranging from $694.20 million to $774.50 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Cadence Bancorp.
Cadence Bancorp (NYSE:CADE) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.57). The company had revenue of $184.66 million during the quarter, compared to analysts’ expectations of $188.02 million. Cadence Bancorp had a negative net margin of 38.95% and a positive return on equity of 2.26%.
CADE has been the subject of several recent research reports. Keefe, Bruyette & Woods upgraded Cadence Bancorp from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $11.00 to $13.00 in a research note on Tuesday, August 18th. Morgan Stanley boosted their target price on Cadence Bancorp from $6.50 to $9.00 and gave the stock an “equal weight” rating in a research note on Monday, June 8th. Truist upgraded Cadence Bancorp from a “hold” rating to a “buy” rating and boosted their target price for the stock from $9.00 to $14.00 in a research note on Friday, August 14th. Royal Bank of Canada restated a “buy” rating and set a $10.00 target price on shares of Cadence Bancorp in a research note on Thursday, July 9th. Finally, Zacks Investment Research upgraded Cadence Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, August 13th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $13.70.
In other news, Director J Thomas Wiley, Jr. sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $8.14, for a total value of $407,000.00. Following the transaction, the director now owns 302,560 shares of the company’s stock, valued at $2,462,838.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph W. Evans bought 5,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was bought at an average cost of $8.08 per share, for a total transaction of $40,400.00. 3.03% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Two Sigma Advisers LP increased its holdings in shares of Cadence Bancorp by 4.1% in the second quarter. Two Sigma Advisers LP now owns 1,210,699 shares of the company’s stock valued at $10,727,000 after purchasing an additional 48,100 shares during the period. Schonfeld Strategic Advisors LLC increased its holdings in shares of Cadence Bancorp by 88.8% in the second quarter. Schonfeld Strategic Advisors LLC now owns 77,304 shares of the company’s stock valued at $685,000 after purchasing an additional 36,355 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Cadence Bancorp by 3.8% in the second quarter. Principal Financial Group Inc. now owns 1,131,796 shares of the company’s stock valued at $10,028,000 after purchasing an additional 40,949 shares during the period. Bridgeway Capital Management Inc. increased its holdings in shares of Cadence Bancorp by 25.3% in the second quarter. Bridgeway Capital Management Inc. now owns 609,000 shares of the company’s stock valued at $5,396,000 after purchasing an additional 123,000 shares during the period. Finally, Handelsbanken Fonder AB acquired a new position in shares of Cadence Bancorp in the second quarter valued at approximately $174,000. 90.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of CADE opened at $8.78 on Thursday. The stock has a 50-day simple moving average of $9.04 and a 200-day simple moving average of $8.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $1.11 billion, a PE ratio of -3.07 and a beta of 1.98. Cadence Bancorp has a 1 year low of $4.63 and a 1 year high of $18.24.
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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