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

Cadence Bank (NYSE:CADE) – Equities researchers at DA Davidson decreased their FY2024 EPS estimates for shares of Cadence Bank in a research report issued to clients and investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now anticipates 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.

A number of other brokerages also recently commented on CADE. Truist Financial cut their price objective on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $36.00 to $39.00 in a research note on Monday. Royal Bank of Canada upped their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. Stephens reaffirmed an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Finally, Barclays upped their price target on shares of Cadence Bank from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, September 27th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.88.

Cadence Bank Stock Up 0.2 %

Shares of Cadence Bank stock opened at $30.63 on Friday. The company has a market cap of $5.58 billion, a P/E ratio of 9.79 and a beta of 0.97. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a one year low of $19.67 and a one year high of $34.13. The firm has a fifty day moving average of $31.23 and a two-hundred day moving average of $29.47.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, July 22nd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. The company had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same quarter in the prior year, the firm earned $0.64 EPS.

Institutional Investors Weigh In On Cadence Bank

A number of large investors have recently added to or reduced their stakes in CADE. Vanguard Group Inc. grew its stake in Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after acquiring an additional 940,895 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after acquiring an additional 593,878 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Cadence Bank by 7.3% during the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock worth $248,633,000 after purchasing an additional 574,633 shares during the last quarter. Ranger Investment Management L.P. boosted its stake in shares of Cadence Bank by 59.4% during the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after purchasing an additional 393,037 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in shares of Cadence Bank by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock worth $51,034,000 after purchasing an additional 227,395 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 3.26%. 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.