Cadence Bank Expected to Post Q2 2024 Earnings of $0.58 Per Share (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Analysts at DA Davidson issued their Q2 2024 earnings estimates for Cadence Bank in a note issued to investors on Thursday, April 25th. DA Davidson analyst G. Tenner forecasts that the company will earn $0.58 per share for the quarter. DA Davidson has a “Buy” rating on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.39 per share.

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

A number of other analysts have also weighed in on the stock. Stephens reaffirmed an “overweight” rating and issued a $33.00 price objective on shares of Cadence Bank in a research note on Tuesday. Keefe, Bruyette & Woods increased their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays increased their price target on shares of Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday. Jefferies Financial Group decreased their price target on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Finally, Citigroup increased 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. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Stock Down 0.2 %

NYSE:CADE opened at $29.01 on Friday. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The company has a 50-day moving average of $27.74 and a 200 day moving average of $26.60. The firm has a market cap of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC grew its stake in shares of Cadence Bank by 109.1% during the 3rd quarter. SG Americas Securities LLC now owns 82,899 shares of the company’s stock worth $1,759,000 after purchasing an additional 43,252 shares during the period. Sheets Smith Wealth Management grew its stake in shares of Cadence Bank by 3.8% during the 3rd quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock worth $345,000 after purchasing an additional 589 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 purchasing an additional 6,259 shares during the period. Strs Ohio grew its stake in shares of 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 purchasing an additional 1,700 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of 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 during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.25 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.00 annualized dividend and a yield of 3.45%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

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.