FY2024 EPS Estimates for Cadence Bank Raised by DA Davidson

Cadence Bank (NYSE:CADE) – Investment analysts at DA Davidson upped their FY2024 earnings per share (EPS) estimates for Cadence Bank in a research note issued to investors on Wednesday, October 23rd. DA Davidson analyst G. Tenner now forecasts that the company will post earnings per share of $2.73 for the year, up from their prior estimate of $2.55. DA Davidson currently has a “Buy” rating and a $40.00 price objective on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.57 per share. DA Davidson also issued estimates for Cadence Bank’s FY2025 earnings at $2.88 EPS.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The business had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the previous year, the business posted $0.56 earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year.

Other analysts have also issued reports about the company. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Truist Financial boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday. Hovde Group boosted their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Barclays boosted their target price on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Royal Bank of Canada boosted their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.29.

Cadence Bank Price Performance

Shares of CADE stock opened at $33.09 on Friday. The stock has a 50-day moving average price of $31.83 and a 200 day moving average price of $29.98. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The firm has a market cap of $6.03 billion, a price-to-earnings ratio of 10.57 and a beta of 0.96. Cadence Bank has a 12 month low of $20.52 and a 12 month high of $34.25.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.02%. Cadence Bank’s dividend payout ratio is presently 31.95%.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently modified their holdings of CADE. PNC Financial Services Group Inc. grew its position in shares of Cadence Bank by 19.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock valued at $429,000 after purchasing an additional 2,376 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after purchasing an additional 227,395 shares during the period. State of Michigan Retirement System grew its position in shares of Cadence Bank by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock valued at $1,299,000 after purchasing an additional 1,000 shares during the period. Retirement Systems of Alabama grew its position in shares of Cadence Bank by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after purchasing an additional 602 shares during the period. Finally, Argent Advisors Inc. bought a new stake in Cadence Bank in the 1st quarter valued at approximately $204,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.