Cadence Bank (NYSE:CADE) Announces Earnings Results

Cadence Bank (NYSE:CADE) released its earnings results on Thursday. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.79 by $0.06, Zacks reports. Cadence Bank had a net margin of 18.15% and a return on equity of 9.97%. The company had revenue of $528.41 million during the quarter, compared to analysts’ expectations of $525.15 million. During the same quarter last year, the business earned $0.70 EPS.

Cadence Bank Stock Performance

Cadence Bank stock opened at $46.39 on Thursday. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of 16.81 and a beta of 0.95. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $46.74. The stock has a fifty day moving average of $42.33 and a two-hundred day moving average of $38.66.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Shareholders of record on Friday, January 30th will be given a dividend of $0.3438 per share. The ex-dividend date of this dividend is Friday, January 30th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 annualized dividend and a yield of 3.0%. Cadence Bank’s dividend payout ratio (DPR) is 39.86%.

Analysts Set New Price Targets

Several research firms have recently commented on CADE. Piper Sandler set a $40.00 price target on Cadence Bank and gave the company a “neutral” rating in a report on Monday, October 27th. Morgan Stanley cut shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and raised their price objective for the company from $41.00 to $49.00 in a research note on Monday, November 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, October 8th. Finally, Stephens downgraded shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Two research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Cadence Bank presently has a consensus rating of “Hold” and a consensus target price of $42.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FORA Capital LLC acquired a new position in Cadence Bank in the second quarter valued at $349,000. Polar Asset Management Partners Inc. acquired a new stake in Cadence Bank in the 3rd quarter worth about $343,000. Exit Wealth Advisors LLC. purchased a new stake in Cadence Bank in the 3rd quarter valued at about $342,000. Brevan Howard Capital Management LP acquired a new position in shares of Cadence Bank during the 2nd quarter valued at about $298,000. Finally, Vident Advisory LLC purchased a new position in shares of Cadence Bank during the 2nd quarter worth about $239,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.