Research Analysts Offer Predictions for Cadence Bank’s FY2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Equities researchers at DA Davidson reduced their FY2024 EPS estimates for shares of Cadence Bank in a research report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the company will post earnings of $2.50 per share for the year, down from their previous forecast of $2.54. DA Davidson currently has a “Buy” rating on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.38 per share. DA Davidson also issued estimates for Cadence Bank’s FY2025 earnings at $2.76 EPS.

A number of other brokerages have also weighed in on CADE. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a research note on Tuesday, April 9th. Barclays initiated coverage on shares of Cadence Bank in a research note on Friday, March 8th. They issued an “equal weight” rating and a $28.00 target price for the company. TheStreet lowered shares of Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Hovde Group lowered shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 target price for the company. in a research note on Tuesday, January 30th. Finally, Jefferies Financial Group reduced their target price on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.65.

Cadence Bank Price Performance

Shares of CADE stock opened at $26.61 on Thursday. The firm has a market capitalization of $4.86 billion, a price-to-earnings ratio of 9.14 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. Cadence Bank has a 12-month low of $16.95 and a 12-month high of $31.45. The firm has a fifty day moving average of $27.54 and a 200-day moving average of $26.28.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, January 29th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.13). Cadence Bank had a net margin of 23.33% and a return on equity of 9.55%. The firm had revenue of $23.15 million during the quarter, compared to analyst estimates of $433.99 million.

Institutional Investors Weigh In On Cadence Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can raised its holdings in shares of Cadence Bank by 4.4% in the 1st quarter. Bank of Montreal Can now owns 19,804 shares of the company’s stock valued at $603,000 after purchasing an additional 841 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Cadence Bank by 6.2% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,024 shares of the company’s stock valued at $2,020,000 after purchasing an additional 4,059 shares during the period. Cibc World Market Inc. bought a new stake in shares of Cadence Bank in the 1st quarter valued at about $2,437,000. Sei Investments Co. raised its holdings in shares of Cadence Bank by 1,892.1% in the 1st quarter. Sei Investments Co. now owns 251,737 shares of the company’s stock valued at $7,370,000 after purchasing an additional 239,100 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Cadence Bank in the 1st quarter valued at about $2,458,000. 84.61% of the stock is owned by institutional investors.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.76%. Cadence Bank’s payout ratio is 34.36%.

About Cadence Bank

Cadence Bank provides commercial banking and financial services. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized and asset-based lending, commercial real estate, equipment financing, and correspondent banking services.