Equities Analysts Offer Predictions for Cadence Bank’s FY2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – DA Davidson upped their FY2024 earnings per share estimates for shares of Cadence Bank in a research 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 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 posted its quarterly earnings data on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. Cadence Bank’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.68 EPS.

Several other brokerages have also weighed in on CADE. Barclays increased their price objective on Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 24th. TheStreet cut Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Hovde Group upgraded Cadence Bank from a “market perform” rating to an “outperform” rating and raised their price target for the company from $32.50 to $33.00 in a research note on Wednesday, April 24th. Morgan Stanley raised their price target on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Truist Financial raised their price objective on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Price Performance

CADE stock opened at $29.02 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50 day simple moving average of $27.74 and a 200-day simple moving average of $26.67. The firm has a market capitalization of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. Cadence Bank has a 1 year low of $16.95 and a 1 year high of $31.45.

Institutional Trading of Cadence Bank

Institutional investors have recently made changes to their positions in the stock. Fifth Third Bancorp boosted its position in Cadence Bank by 165.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after purchasing an additional 905 shares during the period. Wolverine Asset Management LLC lifted its holdings in Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after buying an additional 952 shares in the last quarter. Rise Advisors LLC acquired a new position in Cadence Bank in the 1st quarter worth $34,000. Allspring Global Investments Holdings LLC lifted its holdings in Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after buying an additional 524 shares in the last quarter. Finally, Hardy Reed LLC acquired a new position in Cadence Bank in the 3rd quarter worth $203,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, June 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. Cadence Bank’s dividend payout ratio 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.