DA Davidson Weighs in on Cadence Bank’s Q1 2024 Earnings (NYSE:CADE)

Cadence Bank (NYSE:CADE) – DA Davidson issued their Q1 2024 earnings per share estimates for Cadence Bank in a research note issued on Wednesday, April 17th. DA Davidson analyst G. Tenner expects that the company will post earnings per share of $0.58 for the quarter. DA Davidson has a “Buy” rating on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.38 per share.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, January 29th. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.13). The firm had revenue of $23.15 million during the quarter, compared to the consensus estimate of $433.99 million. Cadence Bank had a net margin of 23.33% and a return on equity of 9.55%.

CADE has been the topic of a number of other reports. Barclays initiated coverage on shares of Cadence Bank in a research report on Friday, March 8th. They issued an “equal weight” rating and a $28.00 price target on the stock. Morgan Stanley raised their target price on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Jefferies Financial Group lowered their target price on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Stephens reissued an “overweight” rating and issued a $32.00 price target on shares of Cadence Bank in a report on Tuesday, January 30th. Finally, TheStreet downgraded Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.65.

Cadence Bank Stock Performance

Cadence Bank stock opened at $27.17 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.85. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The company has a fifty day moving average price of $27.56 and a two-hundred day moving average price of $26.33. The company has a market cap of $4.96 billion, a PE ratio of 9.34 and a beta of 1.02.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were paid a dividend of $0.25 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date was Thursday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 34.36%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Cadence Bank by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock valued at $571,986,000 after purchasing an additional 157,523 shares during the last quarter. State Street Corp lifted its position in shares of Cadence Bank by 2.5% during the 2nd quarter. State Street Corp now owns 9,244,407 shares of the company’s stock valued at $183,797,000 after acquiring an additional 228,289 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after acquiring an additional 376,989 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Cadence Bank by 7.3% in the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock worth $248,633,000 after acquiring an additional 574,633 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of Cadence Bank by 29.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,324,626 shares of the company’s stock worth $106,646,000 after acquiring an additional 971,590 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

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.