DA Davidson Weighs in on Cadence Bank’s Q1 2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Stock analysts at DA Davidson issued their Q1 2024 earnings per share (EPS) estimates for shares of Cadence Bank in a report issued on Wednesday, April 17th. DA Davidson analyst G. Tenner forecasts that the company will earn $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 $2.38 per share.

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

CADE has been the subject of several other research reports. Truist Financial increased their price target on Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Stephens reissued an “overweight” rating and issued a $32.00 price target on shares of Cadence Bank in a research note on Tuesday, January 30th. Royal Bank of Canada restated a “sector perform” rating and set a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Citigroup upped their target price on Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a research report on Friday, December 29th. Finally, Raymond James cut their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 31st. Six research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $30.65.

Cadence Bank Trading Down 0.9 %

Shares of CADE stock opened at $26.37 on Friday. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 9.06 and a beta of 1.02. The stock has a 50-day moving average of $27.55 and a 200-day moving average of $26.28. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.79%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.24. The ex-dividend date was Thursday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 34.36%.

Institutional Trading of Cadence Bank

A number of institutional investors and hedge funds have recently modified their holdings of CADE. Norges Bank purchased a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $60,490,000. Wellington Management Group LLP increased its position in shares of Cadence Bank by 15.7% during the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after acquiring an additional 1,063,055 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Cadence Bank during the first quarter valued at approximately $20,697,000. T. Rowe Price Investment Management Inc. increased its position in shares of Cadence Bank by 29.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,324,626 shares of the company’s stock valued at $106,646,000 after acquiring an additional 971,590 shares during the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of Cadence Bank during the first quarter valued at approximately $18,997,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.