FY2024 EPS Estimates for Cadence Bank Raised by Analyst (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Investment analysts at DA Davidson raised their FY2024 earnings per share (EPS) estimates for shares of Cadence Bank in a research note issued on Thursday, April 25th. DA Davidson analyst G. Tenner now forecasts that the company will earn $2.63 per share for the year, up from their prior forecast of $2.50. DA Davidson has a “Buy” rating on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.48 per share. DA Davidson also issued estimates for Cadence Bank’s FY2025 earnings at $2.84 EPS.

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

Several other research firms have also recently issued reports on CADE. Truist Financial lifted their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Raymond James dropped their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 31st. Hovde Group raised shares of Cadence Bank from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $32.50 to $33.00 in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Finally, Stephens reiterated an “overweight” rating and set a $33.00 target price on shares of Cadence Bank in a report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Price Performance

Shares of CADE opened at $28.33 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $31.45. The company has a market capitalization of $5.17 billion, a P/E ratio of 9.05 and a beta of 1.02. The firm has a 50 day moving average of $27.75 and a 200 day moving average of $26.73.

Institutional Investors Weigh In On Cadence Bank

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

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Friday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

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.