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

Cadence Bank (NYSE:CADE - Get Free Report) announced its quarterly earnings results 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. The company had revenue of $476.32 million for the quarter, compared to analysts' expectations of $467.60 million. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. During the same quarter in the previous year, the business posted $0.73 earnings per share.

Cadence Bank Stock Up 4.0%

NYSE CADE traded up $1.40 on Friday, reaching $36.44. The company had a trading volume of 2,885,756 shares, compared to its average volume of 1,926,573. The stock has a market capitalization of $6.64 billion, a P/E ratio of 12.97 and a beta of 0.84. The company's fifty day moving average is $32.35 and its 200 day moving average is $31.82. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is 39.15%.

Analysts Set New Price Targets

Several equities analysts recently commented on CADE shares. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. Stephens reissued an "overweight" rating and set a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. DA Davidson decreased their target price on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler raised shares of Cadence Bank from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $36.00 to $42.00 in a research report on Tuesday, July 8th. Finally, Barclays reaffirmed an "overweight" rating and issued a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Cadence Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.90.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cadence Bank stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cadence Bank (NYSE:CADE - Free Report) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 470,691 shares of the company's stock after buying an additional 6,312 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.26% of Cadence Bank worth $14,290,000 at the end of the most recent reporting period. 84.61% of the stock is owned by institutional investors.

Cadence Bank announced that its board has approved a stock repurchase program on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

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.