DA Davidson Weighs in on Cadence Bank’s FY2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Equities research analysts at DA Davidson cut their FY2024 EPS estimates for shares of Cadence Bank in a research note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the company will earn $2.50 per share for the year, down from their prior estimate of $2.54. 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. DA Davidson also issued estimates for Cadence Bank’s FY2025 earnings at $2.76 EPS.

CADE has been the topic of several other research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. 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 research note on Monday, April 1st. TheStreet lowered shares of Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Stephens restated an “overweight” rating and issued a $32.00 price target on shares of Cadence Bank in a research note on Tuesday, January 30th. Finally, Citigroup increased their price objective on shares of Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, December 29th. Six 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.65.

Cadence Bank Price Performance

CADE opened at $27.17 on Thursday. The firm has a market cap of $4.96 billion, a price-to-earnings ratio of 9.34 and a beta of 1.02. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week high of $31.45. The company’s 50-day moving average price is $27.56 and its 200 day moving average price is $26.33. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, January 29th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.13). The business had revenue of $23.15 million for the quarter, compared to analyst estimates 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 announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued 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 dividend payout ratio (DPR) is presently 34.36%.

Institutional Trading of Cadence Bank

A number of large investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System boosted its holdings in Cadence Bank by 2.3% during the first quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock worth $1,299,000 after buying an additional 1,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted 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 acquiring an additional 227,395 shares in the last quarter. Sanders Morris Harris LLC purchased a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $924,000. Inscription Capital LLC purchased a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $427,000. Finally, Rise Advisors LLC purchased a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $34,000. 84.61% of the stock is currently owned by institutional investors.

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.