Brokers Issue Forecasts for Cadence Bank’s FY2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – Stock analysts at DA Davidson reduced their FY2024 earnings estimates for shares of Cadence Bank in a research note issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the company will earn $2.55 per share for the year, down from their prior estimate of $2.59. DA Davidson has a “Buy” rating and a $39.00 price objective on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.55 per share. DA Davidson also issued estimates for Cadence Bank’s FY2025 earnings at $2.78 EPS.

Several other analysts have also weighed in on the company. Truist Financial lowered their price objective on Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a report on Friday, September 20th. Jefferies Financial Group reduced their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Barclays increased their price objective on Cadence Bank from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, September 27th. Finally, Stephens reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Cadence Bank in a research report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.88.

Cadence Bank Price Performance

CADE stock opened at $31.24 on Friday. The company has a market capitalization of $5.69 billion, a PE ratio of 9.98 and a beta of 0.97. The stock’s 50 day moving average is $31.18 and its two-hundred day moving average is $29.48. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. The company had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same period last year, the company posted $0.64 earnings per share.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its position in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares during the period. AlphaMark Advisors LLC boosted its position in Cadence Bank by 5.6% during the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after buying an additional 579 shares during the period. Retirement Systems of Alabama increased its position in shares of Cadence Bank by 0.3% during the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock worth $6,652,000 after buying an additional 602 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Cadence Bank by 0.3% during the 1st quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock worth $6,681,000 after purchasing an additional 689 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Cadence Bank by 1.9% during the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock valued at $1,447,000 after buying an additional 938 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Friday, September 13th. Cadence Bank’s payout ratio is 31.95%.

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.