DA Davidson Weighs in on Cadence Bank’s Q2 2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Equities researchers at DA Davidson issued their Q2 2024 earnings estimates for Cadence Bank in a report released on Thursday, April 25th. DA Davidson analyst G. Tenner expects that the company will post earnings per share of $0.58 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.

A number of other analysts also recently weighed in on CADE. Truist Financial raised their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Barclays raised their price target on shares of Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Stephens reissued an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a research report on Tuesday. Hovde Group raised shares of Cadence Bank from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $32.50 to $33.00 in a research report on Wednesday. Finally, Citigroup raised their price target on shares of Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, December 29th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Stock Down 1.1 %

Shares of NYSE:CADE opened at $29.06 on Friday. Cadence Bank has a 52-week low of $16.95 and a 52-week high of $31.45. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 9.28 and a beta of 1.02. The company has a 50 day moving average of $27.71 and a two-hundred day moving average of $26.55.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $427.18 million. During the same quarter last year, the company earned $0.68 earnings per share. Cadence Bank’s revenue for the quarter was up 12.6% on a year-over-year basis.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s payout ratio is 31.95%.

Institutional Investors Weigh In On Cadence Bank

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Cadence Bank by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock valued at $571,986,000 after buying an additional 157,523 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Cadence Bank by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after buying an additional 376,989 shares during the last quarter. Wellington Management Group LLP lifted its stake in Cadence Bank by 7.3% in the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after buying an additional 574,633 shares during the last quarter. Norges Bank acquired a new position in shares of Cadence Bank during the fourth quarter valued at $60,490,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Cadence Bank by 4.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,017,359 shares of the company’s stock valued at $59,694,000 after purchasing an additional 77,563 shares during the period. 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.