Cadence Bank (NYSE:CADE) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Cadence Bank (NYSE:CADE) released its quarterly earnings results on Monday. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08, Briefing.com reports. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The business had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. During the same quarter in the prior year, the business earned $0.68 earnings per share. The company’s quarterly revenue was up 12.6% compared to the same quarter last year.

Cadence Bank Trading Up 2.2 %

Cadence Bank stock opened at $27.76 on Tuesday. The stock has a market cap of $5.07 billion, a PE ratio of 9.54 and a beta of 1.02. The stock has a 50-day moving average price of $27.56 and a 200 day moving average price of $26.46. Cadence Bank has a 52 week low of $16.95 and a 52 week high of $31.45. 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 Increases Dividend

The business also recently disclosed 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 yield of 3.60%. The ex-dividend date was Thursday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.24. Cadence Bank’s dividend payout ratio (DPR) is currently 34.36%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Stephens restated an “overweight” rating and set a $32.00 price target on shares of Cadence Bank in a research note on Tuesday, January 30th. Raymond James reduced their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 31st. Royal Bank of Canada reissued a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. Citigroup raised their target price on Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, December 29th. Finally, Hovde Group downgraded Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 target price for the company. in a report on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.65.

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.