Brokers Set Expectations for Cadence Bank’s Q2 2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Equities research analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for shares of Cadence Bank in a report released on Thursday, April 25th. DA Davidson analyst G. Tenner expects that the company will post earnings of $0.58 per share for the quarter. DA Davidson currently has a “Buy” rating on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.43 per share.

Other analysts have also issued reports about the company. Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a research note on Tuesday, April 9th. Morgan Stanley upped their price objective on shares of Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday. Raymond James lowered their price target on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 31st. Finally, Truist Financial raised their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Five investment 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. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Trading Down 0.1 %

NYSE:CADE opened at $29.02 on Friday. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $27.74 and its 200 day moving average is $26.64. The stock has a market capitalization of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last announced 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. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s revenue for the quarter was up 12.6% on a year-over-year basis.

Cadence Bank Dividend Announcement

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

Institutional Trading of Cadence Bank

Institutional investors and hedge funds have recently modified their holdings of the business. 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. Rise Advisors LLC bought a new position in shares of Cadence Bank in the 1st quarter worth $34,000. Fifth Third Bancorp increased its holdings in shares of Cadence Bank by 165.8% in the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after buying an additional 905 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position 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 valued at $142,000 after buying an additional 524 shares in the last quarter. Finally, Moody Lynn & Lieberson LLC bought a new stake in shares of Cadence Bank during the 4th quarter worth $205,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.