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

Cadence Bank (NYSE:CADE) – Investment analysts at DA Davidson lowered their FY2024 EPS estimates for Cadence Bank in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the company will post earnings per share of $2.50 for the year, down from their prior forecast of $2.54. DA Davidson has a “Buy” rating on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.38 per share. DA Davidson also issued estimates for Cadence Bank’s FY2025 earnings at $2.76 EPS.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, January 29th. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.13). Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The firm had revenue of $23.15 million for the quarter, compared to the consensus estimate of $433.99 million.

A number of other research firms have also recently commented on CADE. Morgan Stanley raised their price target on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Barclays assumed coverage on shares of Cadence Bank in a report on Friday, March 8th. They issued an “equal weight” rating and a $28.00 price target for the company. Raymond James reduced their price target on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 31st. Jefferies Financial Group reduced their price target on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a report on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.65.

Cadence Bank Trading Up 0.8 %

NYSE:CADE opened at $26.61 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $4.86 billion, a price-to-earnings ratio of 9.14 and a beta of 1.02. The firm has a fifty day simple moving average of $27.54 and a two-hundred day simple moving average of $26.28. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.24. Cadence Bank’s payout ratio is presently 34.36%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CADE. Householder Group Estate & Retirement Specialist LLC purchased a new position in Cadence Bank during the 3rd quarter valued at about $25,000. State of Wyoming purchased a new position in shares of Cadence Bank during the fourth quarter worth about $25,000. Fifth Third Bancorp grew its holdings in shares of Cadence Bank by 165.8% during the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after purchasing an additional 905 shares in the last quarter. Wolverine Asset Management LLC grew its holdings in shares of Cadence Bank by 952.0% during the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares in the last quarter. Finally, Rise Advisors LLC purchased a new position in shares of Cadence Bank during the first quarter worth about $34,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.