Cadence Bank (NYSE:CADE) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Cadence Bank reported earnings of $0.81 per share for the quarter, exceeding the consensus estimate of $0.77 by $0.04.
• The bank declared a quarterly dividend of $0.275, equating to an annual yield of 3.0%.
• Institutional investors now hold 84.61% of Cadence Bank's stock, with notable increases in stakes from various hedge funds in recent quarters.

Cadence Bank (NYSE:CADE - Get Free Report) issued its earnings results on Monday. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.77 by $0.04, Zacks reports. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same quarter in the prior year, the company posted $0.73 earnings per share.

Cadence Bank Trading Up 1.5%

Cadence Bank stock traded up $0.55 during trading hours on Monday, reaching $37.08. The company had a trading volume of 2,726,266 shares, compared to its average volume of 1,624,662. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.23. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of 13.20 and a beta of 0.88. The company has a 50-day moving average price of $37.28 and a 200 day moving average price of $33.49.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Cadence Bank's payout ratio is 39.15%.

Institutional Investors Weigh In On Cadence Bank

Hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. raised its stake in shares of Cadence Bank by 24.4% in the second quarter. Osaic Holdings Inc. now owns 1,442 shares of the company's stock worth $46,000 after purchasing an additional 283 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Cadence Bank by 126.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,252 shares of the company's stock worth $72,000 after buying an additional 1,258 shares in the last quarter. Vident Advisory LLC bought a new position in shares of Cadence Bank in the second quarter worth about $239,000. Brevan Howard Capital Management LP bought a new position in shares of Cadence Bank in the second quarter worth about $298,000. Finally, FORA Capital LLC bought a new position in shares of Cadence Bank in the second quarter worth about $349,000. 84.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on CADE shares. Wall Street Zen cut Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Barclays boosted their price objective on Cadence Bank from $43.00 to $46.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cadence Bank in a research note on Wednesday, October 8th. Stephens lifted their price objective on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods raised their target price on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $42.00.

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.

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