Cadence Bank Expected to Earn FY2024 Earnings of $2.50 Per Share (NYSE:CADE)

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

Several other brokerages have also weighed in on CADE. Hovde Group lowered Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 target price on the stock. in a research report on Tuesday, January 30th. Royal Bank of Canada reissued a “sector perform” rating and set a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Raymond James cut 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 report on Tuesday, January 30th. Finally, Morgan Stanley raised their target price on Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.65.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $26.37 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.86. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week high of $31.45. The firm has a market capitalization of $4.82 billion, a PE ratio of 9.06 and a beta of 1.02. The stock’s 50-day simple moving average is $27.55 and its 200-day simple moving average is $26.28.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co NY grew its stake in shares of Cadence Bank by 3.5% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 11,141 shares of the company’s stock valued at $275,000 after purchasing an additional 373 shares during the last quarter. Creative Planning grew its stake in shares of Cadence Bank by 3.0% in the 4th quarter. Creative Planning now owns 13,051 shares of the company’s stock valued at $322,000 after purchasing an additional 386 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after purchasing an additional 524 shares during the last quarter. Sheets Smith Wealth Management grew its stake in shares of Cadence Bank by 3.8% in the 3rd quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock valued at $345,000 after purchasing an additional 589 shares during the last quarter. Finally, Stifel Financial Corp grew its stake in shares of Cadence Bank by 3.1% in the 3rd quarter. Stifel Financial Corp now owns 22,050 shares of the company’s stock valued at $468,000 after purchasing an additional 665 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Increases Dividend

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

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.