FY2024 EPS Estimates for Cadence Bank Reduced by DA Davidson (NYSE:CADE)

Cadence Bank (NYSE:CADE) – DA Davidson reduced their FY2024 earnings per share estimates for Cadence Bank in a research note issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the company will post earnings per share of $2.55 for the year, down from their prior forecast of $2.59. DA Davidson has a “Buy” rating and a $39.00 price target 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 research firms also recently commented on CADE. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Royal Bank of Canada lifted their price objective on Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 24th. Stephens reiterated an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Finally, Hovde Group lifted their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. 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 stock. According to MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus price target of $34.88.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $31.24 on Friday. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. 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 business has a fifty day moving average price of $31.13 and a 200-day moving average price of $29.51. The company has a market capitalization of $5.69 billion, a PE ratio of 9.98 and a beta of 0.96.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its position in Cadence Bank by 77.0% during the second 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 last quarter. AlphaMark Advisors LLC lifted its stake in 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 acquiring an additional 579 shares during the period. Retirement Systems of Alabama lifted its stake in 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 acquiring an additional 602 shares during the period. Russell Investments Group Ltd. lifted its stake in 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 acquiring an additional 689 shares during the period. Finally, Arizona State Retirement System lifted its stake in Cadence Bank by 1.9% in the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after acquiring an additional 938 shares during the period. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Dividend Announcement

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

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.