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

Cadence Bank (NYSE:CADE - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04, Zacks reports. Cadence Bank had a return on equity of 9.97% and a net margin of 18.79%. The firm had revenue of $476.32 million during the quarter, compared to analyst estimates of $467.60 million. During the same period last year, the company posted $0.73 EPS.

Cadence Bank Stock Performance

Shares of CADE stock traded up $1.54 on Friday, reaching $36.58. The stock had a trading volume of 1,871,247 shares, compared to its average volume of 1,408,970. The stock has a market cap of $6.67 billion, a P/E ratio of 13.02 and a beta of 0.84. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The company has a 50 day simple moving average of $32.26 and a 200 day simple moving average of $31.86.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank's dividend payout ratio (DPR) is 39.15%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Cadence Bank stock. Goldman Sachs Group Inc. grew its position in Cadence Bank (NYSE:CADE - Free Report) by 9.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,831,131 shares of the company's stock after purchasing an additional 244,146 shares during the quarter. Goldman Sachs Group Inc. owned approximately 1.55% of Cadence Bank worth $85,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 84.61% of the company's stock.

Cadence Bank declared that its board has authorized a stock repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CADE has been the topic of several recent research reports. Piper Sandler raised shares of Cadence Bank from a "neutral" rating to an "overweight" rating and raised their price target for the company from $36.00 to $42.00 in a research report on Tuesday, July 8th. DA Davidson lowered their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Royal Bank Of Canada increased their target price on shares of Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a report on Friday. Keefe, Bruyette & Woods boosted their price target on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Finally, Barclays reiterated an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.90.

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.