DA Davidson Comments on Cadence Bank's Q2 2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE - Free Report) - Research analysts at DA Davidson issued their Q2 2024 earnings per share estimates for Cadence Bank in a report released on Thursday, April 25th. DA Davidson analyst G. Tenner anticipates that the company will post earnings of $0.58 per share for the quarter. DA Davidson has a "Buy" rating on the stock. The consensus estimate for Cadence Bank's current full-year earnings is $2.39 per share.

Several other research firms also recently issued reports on CADE. Barclays boosted their price objective on Cadence Bank from $28.00 to $29.00 and gave the company an "equal weight" rating in a report on Wednesday. Jefferies Financial Group cut their price objective on Cadence Bank from $30.00 to $29.00 and set a "hold" rating on the stock in a report on Monday, April 8th. TheStreet downgraded Cadence Bank from a "b" rating to a "c" rating in a report on Tuesday, January 30th. Raymond James cut their price objective on Cadence Bank from $35.00 to $34.00 and set a "strong-buy" rating on the stock in a report on Wednesday, January 31st. Finally, Citigroup boosted their price objective on Cadence Bank from $27.00 to $32.00 and gave the company a "neutral" rating in a report on Friday, December 29th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cadence Bank has a consensus rating of "Moderate Buy" and a consensus price target of $31.09.

Cadence Bank Trading Down 0.2 %

NYSE:CADE traded down $0.05 on Friday, reaching $29.01. The company's stock had a trading volume of 1,038,673 shares, compared to its average volume of 1,382,613. Cadence Bank has a 12-month low of $16.95 and a 12-month high of $31.45. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 9.27 and a beta of 1.02. The stock has a 50 day moving average price of $27.71 and a 200 day moving average price of $26.55.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The company had revenue of $437.69 million for the quarter, compared to the consensus estimate of $427.18 million. During the same quarter in the previous year, the business earned $0.68 earnings per share. The company's revenue for the quarter was up 12.6% on a year-over-year basis.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp boosted its position in shares of Cadence Bank by 165.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company's stock worth $31,000 after acquiring an additional 905 shares in the last quarter. Wolverine Asset Management LLC boosted its position in shares of Cadence Bank by 952.0% during the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company's stock worth $31,000 after acquiring an additional 952 shares in the last quarter. Rise Advisors LLC acquired a new position in shares of Cadence Bank during the 1st quarter worth about $34,000. Allspring Global Investments Holdings LLC boosted its position in shares of Cadence Bank by 8.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company's stock worth $142,000 after acquiring an additional 524 shares in the last quarter. Finally, Hardy Reed LLC acquired a new stake in shares of Cadence Bank in the 3rd quarter valued at about $203,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.00 annualized dividend and a yield of 3.45%. Cadence Bank's payout ratio is 31.95%.

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.