Cadence Bank (NYSE:CADE) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Cadence Bank (NYSE:CADE) posted its quarterly earnings results on Monday. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08, Briefing.com reports. The firm had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. Cadence Bank’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 earnings per share.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $27.76 on Tuesday. The business has a 50 day moving average price of $27.56 and a 200 day moving average price of $26.46. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $31.45. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 9.54 and a beta of 1.02. 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 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 paid a dividend of $0.25 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.00 annualized dividend and a yield of 3.60%. Cadence Bank’s dividend payout ratio is presently 34.36%.

Wall Street Analysts Forecast Growth

CADE has been the topic of several recent analyst reports. Jefferies Financial Group dropped their price target on Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Stephens reaffirmed an “overweight” rating and issued a $32.00 target price on shares of Cadence Bank in a research report on Tuesday, January 30th. Truist Financial upped their target price on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. DA Davidson reaffirmed a “buy” rating on shares of Cadence Bank in a research report on Monday, January 15th. Finally, TheStreet lowered Cadence Bank from a “b” rating to a “c” rating in a research report on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.65.

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.