Zacks: Analysts Anticipate Cadence Bancorp (CADE) Will Post Earnings of $0.58 Per Share
Equities analysts predict that Cadence Bancorp (NYSE:CADE) will post earnings per share of $0.58 for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Cadence Bancorp’s earnings, with the highest EPS estimate coming in at $0.61 and the lowest estimate coming in at $0.55. Cadence Bancorp reported earnings of $0.57 per share during the same quarter last year, which suggests a positive year-over-year growth rate of 1.8%. The firm is scheduled to issue its next earnings results on Monday, July 22nd.
On average, analysts expect that Cadence Bancorp will report full year earnings of $2.32 per share for the current financial year, with EPS estimates ranging from $2.08 to $2.45. For the next fiscal year, analysts forecast that the company will post earnings of $2.44 per share, with EPS estimates ranging from $2.19 to $2.52. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that follow Cadence Bancorp.
Cadence Bancorp (NYSE:CADE) last announced its earnings results on Monday, April 29th. The company reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.08. Cadence Bancorp had a net margin of 25.71% and a return on equity of 13.06%. The business had revenue of $200.00 million for the quarter, compared to the consensus estimate of $185.47 million. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The business’s revenue for the quarter was up 72.3% on a year-over-year basis.
CADE stock traded down $0.83 during trading on Friday, hitting $18.50. The company had a trading volume of 2,308,643 shares, compared to its average volume of 1,077,131. The company has a market capitalization of $2.49 billion, a PE ratio of 8.94 and a beta of 1.64. Cadence Bancorp has a 52-week low of $16.13 and a 52-week high of $31.44. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.00 and a quick ratio of 0.99.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 31st will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 3.78%. The ex-dividend date is Thursday, May 30th. Cadence Bancorp’s dividend payout ratio is presently 33.82%.
In other Cadence Bancorp news, insider David F. Black sold 22,500 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $21.30, for a total transaction of $479,250.00. Following the transaction, the insider now owns 29,685 shares of the company’s stock, valued at approximately $632,290.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Samuel M. Tortorici bought 50,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were acquired at an average cost of $19.90 per share, for a total transaction of $995,000.00. Following the transaction, the chief operating officer now directly owns 489,988 shares in the company, valued at approximately $9,750,761.20. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 55,044 shares of company stock worth $1,096,177 and sold 81,224 shares worth $1,817,309. Company insiders own 3.34% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CADE. BlackRock Inc. increased its position in Cadence Bancorp by 53.3% during the 1st quarter. BlackRock Inc. now owns 10,445,119 shares of the company’s stock valued at $193,756,000 after purchasing an additional 3,633,821 shares during the period. Dimensional Fund Advisors LP increased its position in Cadence Bancorp by 118.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,475,721 shares of the company’s stock valued at $83,025,000 after purchasing an additional 2,422,427 shares during the period. Victory Capital Management Inc. purchased a new position in Cadence Bancorp during the 1st quarter valued at about $35,512,000. JPMorgan Chase & Co. increased its position in Cadence Bancorp by 58.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,568,721 shares of the company’s stock valued at $93,215,000 after purchasing an additional 1,316,722 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its position in Cadence Bancorp by 67.0% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 3,230,782 shares of the company’s stock valued at $59,931,000 after purchasing an additional 1,296,751 shares during the period. 91.23% of the stock is currently owned by institutional investors and hedge funds.
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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