Cadence Bank (NYSE:CADE) to Post FY2024 Earnings of $2.55 Per Share, DA Davidson Forecasts

Cadence Bank (NYSE:CADE) – Research analysts at DA Davidson dropped their FY2024 earnings estimates for shares of Cadence Bank in a research note issued to investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now forecasts that the company will earn $2.55 per share for the year, down from their previous estimate 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.

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, topping the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $742.87 million for the quarter, compared to the consensus estimate of $439.63 million. During the same quarter in the prior year, the company earned $0.64 EPS.

Several other brokerages also recently weighed in on CADE. Truist Financial cut their price target on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Hovde Group upped their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Royal Bank of Canada upped their price objective on Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Five 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 company’s stock. According to MarketBeat.com, the stock presently has an average 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 twelve month low of $19.67 and a twelve month high of $34.13. The company’s 50 day moving average is $31.13 and its 200 day moving average is $29.51. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. The company has a market cap of $5.69 billion, a PE ratio of 9.98 and a beta of 0.96.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 940,895 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in Cadence Bank by 32.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock valued at $1,998,000 after purchasing an additional 16,850 shares in the last quarter. Entropy Technologies LP purchased a new position in Cadence Bank in the 1st quarter valued at $716,000. Blue Trust Inc. lifted its holdings in Cadence Bank by 456.6% in the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after purchasing an additional 17,774 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after purchasing an additional 227,395 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.25 per share. 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 (DPR) is 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.