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

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

Other research analysts have also issued reports about the stock. TheStreet lowered shares of Cadence Bank from a “b” rating to a “c” rating in a report on Tuesday, January 30th. Hovde Group lowered shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price target on the stock. in a report on Tuesday, January 30th. Truist Financial raised their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a report on Monday, April 1st. Barclays initiated coverage on shares of Cadence Bank in a report on Friday, March 8th. They issued an “equal weight” rating and a $28.00 price target on the stock. Finally, Morgan Stanley lifted their price objective on shares of Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Six analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.65.

Cadence Bank Price Performance

Cadence Bank stock opened at $26.37 on Friday. Cadence Bank has a 12-month low of $16.95 and a 12-month high of $31.45. The stock has a market capitalization of $4.82 billion, a P/E ratio of 9.06 and a beta of 1.02. The firm’s 50-day moving average is $27.55 and its two-hundred day moving average is $26.28. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.85.

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

Cadence Bank Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.79%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.24. Cadence Bank’s dividend payout ratio (DPR) is presently 34.36%.

Institutional Trading of Cadence Bank

A number of hedge funds have recently made changes to their positions in CADE. Norges Bank acquired a new position in Cadence Bank in the fourth quarter worth $60,490,000. Wellington Management Group LLP grew its position in Cadence Bank by 15.7% in the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after acquiring an additional 1,063,055 shares during the period. Balyasny Asset Management L.P. bought a new stake in Cadence Bank in the first quarter valued at $20,697,000. T. Rowe Price Investment Management Inc. grew its position in Cadence Bank by 29.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,324,626 shares of the company’s stock valued at $106,646,000 after acquiring an additional 971,590 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new stake in Cadence Bank in the first quarter valued at $18,997,000. Institutional investors and hedge funds 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.