Cadence Bank (NYSE:CADE) Sets New 52-Week High After Better-Than-Expected Earnings

Cadence Bank (NYSE:CADE)’s stock price reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $34.18 and last traded at $33.88, with a volume of 1979978 shares traded. The stock had previously closed at $32.46.

The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The business had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.56 earnings per share.

Analyst Ratings Changes

Several research firms have recently weighed in on CADE. Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays boosted their price target on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Finally, Hovde Group upped their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in shares of Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after buying an additional 436 shares in the last quarter. AlphaMark Advisors LLC lifted its position in shares of Cadence Bank by 5.6% in the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after buying an additional 579 shares in the last quarter. Retirement Systems of Alabama lifted its position in shares of Cadence Bank by 0.3% in 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 in the last quarter. Russell Investments Group Ltd. lifted its position in shares of Cadence Bank by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock worth $6,681,000 after buying an additional 689 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Cadence Bank in the third quarter worth about $25,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Down 0.5 %

The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $6.16 billion, a PE ratio of 10.71 and a beta of 0.96. The business has a 50-day moving average of $31.62 and a 200 day moving average of $29.88.

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.