Cadence Bank (NYSE:CADE) Shares Gap Up Following Earnings Beat

Cadence Bank (NYSE:CADE)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $27.74, but opened at $28.99. Cadence Bank shares last traded at $28.42, with a volume of 185,193 shares.

The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a return on equity of 9.22% and a net margin of 23.83%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the company earned $0.68 EPS.

Analysts Set New Price Targets

A number of research firms recently issued reports on CADE. Hovde Group upgraded Cadence Bank from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $32.50 to $33.00 in a research report on Wednesday. Jefferies Financial Group dropped their target price on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. TheStreet downgraded shares of Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Stephens reissued an “overweight” rating and set a $33.00 price objective on shares of Cadence Bank in a report on Tuesday. Finally, Raymond James lowered their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 31st. Five research 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.09.

Institutional Investors Weigh In On Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. Fifth Third Bancorp lifted its position in Cadence Bank by 165.8% in the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after buying an additional 905 shares during the last quarter. Wolverine Asset Management LLC grew its stake in Cadence Bank by 952.0% in the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares during the period. Rise Advisors LLC purchased a new stake in shares of Cadence Bank in the first quarter worth $34,000. Allspring Global Investments Holdings LLC boosted its position in shares of Cadence Bank by 8.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after buying an additional 524 shares during the last quarter. Finally, Hardy Reed LLC purchased a new stake in shares of Cadence Bank during the third quarter valued at $203,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Stock Performance

The business has a fifty day simple moving average of $27.68 and a two-hundred day simple moving average of $26.53. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The company has a market cap of $5.36 billion, a P/E ratio of 9.38 and a beta of 1.02.

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.