DA Davidson Weighs in on Cadence Bank’s FY2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Investment analysts at DA Davidson lowered their FY2024 EPS estimates for Cadence Bank in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner now forecasts that the company will earn $2.50 per share for the year, down from their previous forecast 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.

Several other research analysts have also issued reports on the stock. Jefferies Financial Group dropped their price target on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Stephens reaffirmed an “overweight” rating and set a $32.00 price objective on shares of Cadence Bank in a research note on Tuesday, January 30th. Raymond James dropped their price objective on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 31st. Citigroup raised their price objective on shares of Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a report on Friday, December 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Six equities 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.65.

Cadence Bank Stock Performance

NYSE:CADE opened at $27.17 on Thursday. 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 0.86 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $4.96 billion, a PE ratio of 9.34 and a beta of 1.02. The firm has a 50-day moving average price of $27.56 and a 200 day moving average price of $26.33.

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

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently made changes to their positions in CADE. Norges Bank bought a new stake in shares of Cadence Bank during the fourth quarter worth $60,490,000. Wellington Management Group LLP raised 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 worth $166,110,000 after acquiring an additional 1,063,055 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in shares of Cadence Bank during the first quarter worth $20,697,000. T. Rowe Price Investment Management Inc. raised 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 worth $106,646,000 after acquiring an additional 971,590 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of Cadence Bank during the first quarter worth $18,997,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.68%. This is a positive change 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%.

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.