Cadence Bank (NYSE:CADE) Releases Earnings Results, Beats Estimates By $0.02 EPS

Cadence Bank (NYSE:CADE) posted its earnings results on Wednesday. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02, Zacks reports. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. During the same period in the prior year, the business earned $0.40 EPS.

Cadence Bank Price Performance

Shares of Cadence Bank stock opened at $35.93 on Thursday. The stock has a 50 day moving average of $36.11 and a 200 day moving average of $33.46. Cadence Bank has a 12 month low of $24.99 and a 12 month high of $40.20. The firm has a market cap of $6.55 billion, a PE ratio of 10.32 and a beta of 1.00. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 20th. Investors of record on Wednesday, February 5th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.06%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Royal Bank of Canada increased their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Keefe, Bruyette & Woods upped their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Finally, Truist Financial upped their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.32.

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.