Cadence Bank (NYSE:CADE) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

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

Cadence Bank Stock Up 4.2%

Cadence Bank stock opened at $46.39 on Thursday. The stock has a market capitalization of $8.45 billion, a PE ratio of 16.81 and a beta of 0.95. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $46.74. The company has a 50 day moving average of $42.33 and a 200-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 paid a $0.3438 dividend. The ex-dividend date of this dividend is Friday, January 30th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 dividend on an annualized basis and a yield of 3.0%. Cadence Bank’s payout ratio is presently 39.86%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Piper Sandler set a $40.00 target price on Cadence Bank and gave the stock a “neutral” rating in a report on Monday, October 27th. Barclays lowered shares of Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods downgraded shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their target price for the company from $41.00 to $49.00 in a research note on Monday, November 3rd. Stephens cut shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Cadence Bank presently has an average rating of “Hold” and an average target price of $42.33.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its holdings in Cadence Bank by 10.1% during the 3rd quarter. State Street Corp now owns 9,387,354 shares of the company’s stock worth $354,728,000 after purchasing an additional 864,229 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Cadence Bank by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock worth $85,953,000 after buying an additional 244,146 shares during the period. Northern Trust Corp grew its holdings in shares of Cadence Bank by 3.0% during the third quarter. Northern Trust Corp now owns 2,633,173 shares of the company’s stock worth $98,849,000 after buying an additional 77,351 shares in the last quarter. Bank of America Corp DE raised its position in Cadence Bank by 47.8% in the 3rd quarter. Bank of America Corp DE now owns 1,139,186 shares of the company’s stock valued at $42,765,000 after buying an additional 368,246 shares during the last quarter. Finally, UBS Group AG raised its position in Cadence Bank by 165.7% in the 3rd quarter. UBS Group AG now owns 1,082,330 shares of the company’s stock valued at $40,631,000 after buying an additional 675,039 shares during the last quarter. 84.61% of the stock is owned by 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.