DA Davidson Comments on Cadence Bank’s Q1 2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Investment analysts at DA Davidson issued their Q1 2024 earnings estimates for Cadence Bank in a report released on Wednesday, April 17th. DA Davidson analyst G. Tenner forecasts that the company will post earnings of $0.58 per share for the quarter. 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.

A number of other equities research analysts also recently issued reports on CADE. Morgan Stanley boosted 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. Hovde Group downgraded 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 report on Tuesday, January 30th. Barclays assumed coverage on shares of Cadence Bank in a report on Friday, March 8th. They issued an “equal weight” rating and a $28.00 target price for the company. TheStreet downgraded shares of Cadence Bank from a “b” rating to a “c” rating in a report on Tuesday, January 30th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.65.

Cadence Bank Price Performance

Cadence Bank stock opened at $27.17 on Friday. Cadence Bank has a 1 year low of $16.95 and a 1 year high of $31.45. The firm has a 50 day moving average price of $27.56 and a 200 day moving average price of $26.37. The company has a market cap of $4.96 billion, a price-to-earnings ratio of 9.34 and a beta of 1.02. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.86.

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

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. This represents a $1.00 dividend on an annualized basis and a yield of 3.68%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.24. The ex-dividend date was Thursday, March 14th. Cadence Bank’s payout ratio is 34.36%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CADE. Barclays PLC lifted its position in shares of Cadence Bank by 30.7% during the third quarter. Barclays PLC now owns 528,407 shares of the company’s stock worth $11,212,000 after purchasing an additional 124,084 shares in the last quarter. Comerica Bank acquired a new position in shares of Cadence Bank during the third quarter worth $5,177,000. American Century Companies Inc. lifted its position in shares of Cadence Bank by 35.7% during the third quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock worth $26,697,000 after purchasing an additional 331,097 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Cadence Bank by 15.7% during the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after purchasing an additional 1,063,055 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 81.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after purchasing an additional 687,025 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

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.