Cadence Bank Expected to Post Q2 2024 Earnings of $0.58 Per Share (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Equities research analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of Cadence Bank in a report issued on Thursday, April 25th. DA Davidson analyst G. Tenner forecasts that the company will post earnings of $0.58 per share for the quarter. DA Davidson has a “Buy” rating on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.39 per share.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. During the same quarter in the previous year, the company earned $0.68 EPS. The business’s quarterly revenue was up 12.6% compared to the same quarter last year.

A number of other equities research analysts have also recently issued reports on CADE. Barclays upped their price objective on shares of Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Wednesday. Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday. Raymond James reduced their target price on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 31st. Morgan Stanley increased their target price on shares of Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Finally, Jefferies Financial Group reduced their target price on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Price Performance

CADE stock opened at $29.01 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. Cadence Bank has a one year low of $16.95 and a one year high of $31.45. The stock has a market cap of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. The firm has a 50 day simple moving average of $27.74 and a two-hundred day simple moving average of $26.60.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. Cadence Bank’s dividend payout ratio is 31.95%.

Institutional Investors Weigh In On Cadence Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. Wolverine Asset Management LLC lifted its position in shares of Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares during the period. Rise Advisors LLC purchased a new position in Cadence Bank during the 1st quarter valued at about $34,000. Fifth Third Bancorp lifted its position in Cadence Bank by 165.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock valued at $31,000 after acquiring an additional 905 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Cadence Bank by 8.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after acquiring an additional 524 shares during the period. Finally, Moody Lynn & Lieberson LLC purchased a new position in Cadence Bank during the 4th quarter valued at about $205,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.