Brokers Issue Forecasts for Cadence Bank’s FY2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – DA Davidson increased their FY2024 EPS estimates for shares of Cadence Bank in a note issued to investors on Thursday, April 25th. DA Davidson analyst G. Tenner now expects that the company will earn $2.63 per share for the year, up from their prior estimate of $2.50. DA Davidson currently 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.

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

A number of other analysts have also recently issued reports on the stock. Truist Financial raised their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Morgan Stanley raised their price objective on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Raymond James decreased their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 31st. TheStreet lowered Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Finally, Barclays boosted their price target on Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Trading Down 2.3 %

CADE stock opened at $27.67 on Monday. Cadence Bank has a one year low of $16.95 and a one year high of $31.45. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 8.84 and a beta of 1.02. The company has a fifty day moving average price of $27.75 and a two-hundred day moving average price of $26.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85.

Cadence Bank Announces Dividend

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

Institutional Trading of Cadence Bank

Several institutional investors and hedge funds have recently modified their holdings of the business. Wolverine Asset Management LLC raised its stake 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 in the last quarter. Rise Advisors LLC acquired a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $34,000. Fifth Third Bancorp grew 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 valued at $31,000 after purchasing an additional 905 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Cadence Bank by 8.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after purchasing an additional 524 shares in the last quarter. Finally, Moody Lynn & Lieberson LLC acquired a new position in Cadence Bank during the 4th quarter worth approximately $205,000. 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.