DA Davidson Research Analysts Raise Earnings Estimates for Cadence Bank (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Equities research analysts at DA Davidson upped their FY2024 earnings per share estimates for shares of Cadence Bank in a research report issued on Thursday, April 25th. DA Davidson analyst G. Tenner now anticipates that the company will post earnings per share of $2.63 for the year, up from their prior estimate 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.

CADE has been the topic of several other reports. Stephens reissued an “overweight” rating and set a $33.00 target price on shares of Cadence Bank in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods upped their price target on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Royal Bank of Canada restated a “sector perform” rating and set a $31.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 9th. Jefferies Financial Group lowered their target price on Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Finally, Truist Financial increased their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Five research 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Trading Down 2.3 %

Shares of CADE opened at $27.67 on Monday. The business’s 50-day moving average price is $27.75 and its 200 day moving average price is $26.73. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $5.05 billion, a P/E ratio of 8.84 and a beta of 1.02. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45.

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

Hedge Funds Weigh In On Cadence Bank

Several large investors have recently made changes to their positions in the business. Wolverine Asset Management LLC increased its position in Cadence Bank by 952.0% during the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after acquiring an additional 952 shares during the period. Rise Advisors LLC acquired a new stake in Cadence Bank in the 1st quarter worth $34,000. Fifth Third Bancorp increased its holdings in shares of Cadence Bank by 165.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after purchasing an additional 905 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Cadence Bank by 8.5% during the third 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 last quarter. Finally, Moody Lynn & Lieberson LLC bought a new stake in shares of Cadence Bank in the fourth quarter valued at about $205,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Friday, June 14th. Cadence Bank’s dividend payout ratio is 31.95%.

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.