Cadence Bank (NYSE:CADE) Announces Quarterly Earnings Results

Cadence Bank (NYSE:CADE) released its quarterly earnings results on Wednesday. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02, Zacks reports. Cadence Bank had a net margin of 18.03% and a return on equity of 9.98%. During the same quarter in the prior year, the business posted $0.40 EPS.

Cadence Bank Stock Performance

Cadence Bank stock opened at $34.19 on Friday. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The firm’s 50 day simple moving average is $36.03 and its 200-day simple moving average is $33.47. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $6.23 billion, a P/E ratio of 12.34 and a beta of 1.00.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.22%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 36.10%.

Analysts Set New Price Targets

CADE has been the topic of a number of research analyst reports. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Stephens reissued an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research note on Thursday. Royal Bank of Canada raised their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Truist Financial boosted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $37.95.

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.