FY2024 EPS Estimates for Cadence Bank (NYSE:CADE) Cut by DA Davidson

Cadence Bank (NYSE:CADE - Free Report) - Equities research analysts at DA Davidson decreased their FY2024 earnings per share estimates for Cadence Bank in a note issued to investors on Wednesday, April 17th. DA Davidson analyst G. Tenner now expects that the company will post earnings per share of $2.50 for the year, down from their previous estimate of $2.54. DA Davidson has a "Buy" rating on the stock. The consensus estimate for Cadence Bank's current full-year earnings is $2.38 per share. DA Davidson also issued estimates for Cadence Bank's FY2025 earnings at $2.76 EPS.

CADE has been the topic of several other research reports. Royal Bank of Canada reiterated a "sector perform" rating and issued a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Jefferies Financial Group decreased their price target on Cadence Bank from $30.00 to $29.00 and set a "hold" rating on the stock in a research note on Monday, April 8th. Hovde Group downgraded Cadence Bank from an "outperform" rating to a "market perform" rating and set a $32.50 price objective for the company. in a research report on Tuesday, January 30th. Stephens restated an "overweight" rating and issued a $32.00 target price on shares of Cadence Bank in a report on Tuesday, January 30th. Finally, Morgan Stanley lifted their target price on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 7th. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank currently has a consensus rating of "Moderate Buy" and an average price target of $30.65.

Cadence Bank Price Performance

NYSE CADE traded down $0.25 on Thursday, reaching $26.37. 1,274,214 shares of the company's stock traded hands, compared to its average volume of 1,369,177. The stock has a market cap of $4.82 billion, a PE ratio of 9.06 and a beta of 1.02. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The stock has a 50-day simple moving average of $27.55 and a 200 day simple moving average of $26.28. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.85.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Monday, January 29th. The company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.13). Cadence Bank had a net margin of 23.33% and a return on equity of 9.55%. The firm had revenue of $23.15 million for the quarter, compared to analysts' expectations of $433.99 million.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were given a $0.25 dividend. This is a boost from Cadence Bank's previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Thursday, March 14th. Cadence Bank's payout ratio is currently 34.36%.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its stake in Cadence Bank by 4.4% during the 1st quarter. Bank of Montreal Can now owns 19,804 shares of the company's stock valued at $603,000 after purchasing an additional 841 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Cadence Bank by 6.2% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,024 shares of the company's stock valued at $2,020,000 after acquiring an additional 4,059 shares in the last quarter. Cibc World Market Inc. purchased a new position in Cadence Bank in the 1st quarter worth approximately $2,437,000. Sei Investments Co. lifted its position in Cadence Bank by 1,892.1% in the 1st quarter. Sei Investments Co. now owns 251,737 shares of the company's stock valued at $7,370,000 after acquiring an additional 239,100 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Cadence Bank during the 1st quarter valued at $2,458,000. 84.61% of the stock is owned by institutional investors.

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.