Cadence Bank Expected to Earn FY2024 Earnings of $2.50 Per Share (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Analysts at DA Davidson lowered their FY2024 earnings per share (EPS) estimates for shares of Cadence Bank in a note issued to investors 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 prior estimate of $2.54. DA Davidson 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.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, January 29th. The company reported $0.40 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 business had revenue of $23.15 million for the quarter, compared to analysts’ expectations of $433.99 million.

Several other research firms have also commented on CADE. TheStreet lowered shares of Cadence Bank from a “b” rating to a “c” rating in a research report on Tuesday, January 30th. Morgan Stanley boosted their price objective on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Jefferies Financial Group cut their price objective on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research note on Monday, April 8th. Royal Bank of Canada reiterated a “sector perform” rating and set a $31.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Truist Financial boosted their price objective on Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus price target of $30.65.

Cadence Bank Price Performance

NYSE CADE opened at $26.37 on Thursday. Cadence Bank has a 52 week low of $16.95 and a 52 week high of $31.45. The firm has a market capitalization of $4.82 billion, a P/E ratio of 9.06 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. The company has a 50-day moving average price of $27.55 and a 200-day moving average price of $26.28.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a dividend of $0.25 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Thursday, March 14th. Cadence Bank’s dividend payout ratio is currently 34.36%.

Institutional Trading of Cadence Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Metropolitan Life Insurance Co NY raised its holdings in Cadence Bank by 3.5% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 11,141 shares of the company’s stock valued at $275,000 after buying an additional 373 shares during the period. Creative Planning raised its holdings in Cadence Bank by 3.0% during the 4th quarter. Creative Planning now owns 13,051 shares of the company’s stock valued at $322,000 after buying an additional 386 shares during the period. Allspring Global Investments Holdings LLC raised its holdings 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 buying an additional 524 shares during the period. Sheets Smith Wealth Management increased its stake in Cadence Bank by 3.8% in the third quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock worth $345,000 after purchasing an additional 589 shares during the period. Finally, Stifel Financial Corp increased its stake in Cadence Bank by 3.1% in the third quarter. Stifel Financial Corp now owns 22,050 shares of the company’s stock worth $468,000 after purchasing an additional 665 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Company Profile

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.