Cadence Bank (NYSE:CADE) Issues Quarterly Earnings Results

Cadence Bank (NYSE:CADE) announced its quarterly earnings results on Monday. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08, Briefing.com reports. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. During the same quarter last year, the firm posted $0.68 EPS. The company’s quarterly revenue was up 12.6% on a year-over-year basis.

Cadence Bank Price Performance

Shares of CADE opened at $27.76 on Tuesday. Cadence Bank has a 12-month low of $16.95 and a 12-month high of $31.45. The business’s fifty day moving average is $27.56 and its 200 day moving average is $26.46. 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 stock has a market cap of $5.07 billion, a P/E ratio of 9.54 and a beta of 1.02.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.25 dividend. This is a boost from Cadence Bank’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date was Thursday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is currently 34.36%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley lifted their target price on Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Hovde Group cut Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price target on the stock. in a report on Tuesday, January 30th. Barclays started coverage on Cadence Bank in a report on Friday, March 8th. They set an “equal weight” rating and a $28.00 price target on the stock. Finally, DA Davidson reaffirmed a “buy” rating on shares of Cadence Bank in a research note on Monday, January 15th. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.65.

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.