Cadence Bank (NYSE:CADE) Shares Gap Up on Earnings Beat

Cadence Bank (NYSE:CADE) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $27.74, but opened at $28.99. Cadence Bank shares last traded at $28.42, with a volume of 185,193 shares changing hands.

The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The business had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a net margin of 23.33% and a return on equity of 9.55%. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. TheStreet downgraded Cadence Bank from a “b” rating to a “c” rating in a report on Tuesday, January 30th. Stephens restated an “overweight” rating and issued a $33.00 target price on shares of Cadence Bank in a report on Tuesday. Truist Financial increased their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Citigroup boosted their price target on shares of Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, December 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors have recently added to or reduced their stakes in the stock. Ronald Blue Trust Inc. grew its stake in shares of Cadence Bank by 166.6% in the 3rd quarter. Ronald Blue Trust Inc. now owns 3,674 shares of the company’s stock valued at $72,000 after purchasing an additional 2,296 shares during the last quarter. SG Americas Securities LLC grew its position in Cadence Bank by 109.1% in the 3rd quarter. SG Americas Securities LLC now owns 82,899 shares of the company’s stock valued at $1,759,000 after buying an additional 43,252 shares during the last quarter. Sheets Smith Wealth Management increased its stake in 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 buying an additional 589 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cadence Bank by 19.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,966 shares of the company’s stock worth $806,000 after buying an additional 6,259 shares during the last quarter. Finally, Strs Ohio raised its position in Cadence Bank by 12.1% during the 3rd quarter. Strs Ohio now owns 15,700 shares of the company’s stock worth $333,000 after buying an additional 1,700 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

The company has a market cap of $5.28 billion, a price-to-earnings ratio of 9.93 and a beta of 1.02. The company’s 50 day moving average price is $27.62 and its 200 day moving average price is $26.51. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

About Cadence Bank

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.