DA Davidson Weighs in on Cadence Bank’s Q2 2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Investment analysts at DA Davidson issued their Q2 2024 earnings estimates for shares of Cadence Bank in a research report issued to clients and investors on Thursday, April 25th. DA Davidson analyst G. Tenner expects that the company will post earnings of $0.58 per share for the quarter. DA Davidson currently 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 equities research analysts also recently weighed in on the company. TheStreet downgraded Cadence Bank from a “b” rating to a “c” rating in a report on Tuesday, January 30th. Barclays raised their target price on Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a report on Wednesday. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday. Jefferies Financial Group reduced their target price on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Finally, 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. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $29.06 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a fifty day moving average price of $27.71 and a 200 day moving average price of $26.55. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The company has a market cap of $5.31 billion, a PE ratio of 9.28 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. During the same period in the prior year, the company earned $0.68 earnings per share. The company’s revenue was up 12.6% compared to the same quarter last year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued 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 3.44%. Cadence Bank’s dividend payout ratio is presently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently bought and sold shares of CADE. Norges Bank purchased a new stake in Cadence Bank during the 4th quarter worth approximately $60,490,000. Wellington Management Group LLP increased its holdings in Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after purchasing an additional 1,063,055 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after acquiring an additional 687,025 shares during the last quarter. Ranger Investment Management L.P. increased its holdings in shares of Cadence Bank by 59.4% in the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock valued at $31,205,000 after acquiring an additional 393,037 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Cadence Bank by 4.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after acquiring an additional 376,989 shares during the last quarter. 84.61% of the stock is currently 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.