FY2024 EPS Estimates for Cadence Bank Raised by DA Davidson

Cadence Bank (NYSE:CADE) – Stock analysts at DA Davidson lifted their FY2024 EPS estimates for shares of Cadence Bank in a report issued on Wednesday, October 23rd. DA Davidson analyst G. Tenner now expects that the company will post earnings of $2.73 per share for the year, up from their prior estimate of $2.55. DA Davidson currently has a “Buy” rating and a $40.00 target price on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.57 per share. DA Davidson also issued estimates for Cadence Bank’s FY2025 earnings at $2.88 EPS.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the firm earned $0.56 earnings per share.

CADE has been the subject of a number of other research reports. Royal Bank of Canada increased their price objective on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday. Barclays raised their price target on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday. Hovde Group boosted their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Cadence Bank Trading Up 0.2 %

Shares of CADE stock opened at $33.90 on Friday. The business has a 50-day moving average of $31.78 and a 200 day moving average of $29.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. Cadence Bank has a 1-year low of $19.94 and a 1-year high of $34.25. The stock has a market capitalization of $6.18 billion, a PE ratio of 10.83 and a beta of 0.96.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC bought a new stake in Cadence Bank during the 3rd quarter valued at about $25,000. GAMMA Investing LLC increased its position in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares in the last quarter. Innealta Capital LLC purchased a new position in Cadence Bank in the 2nd quarter worth approximately $138,000. Davis Investment Partners LLC bought a new position in Cadence Bank in the 3rd quarter valued at approximately $202,000. Finally, Moody Lynn & Lieberson LLC bought a new position in Cadence Bank in the 3rd quarter valued at approximately $220,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.95%. Cadence Bank’s dividend payout ratio is currently 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.