Cadence Bank (NYSE:CADE) Releases Earnings Results, Beats Estimates By $0.02 EPS

Cadence Bank (NYSE:CADE) posted its quarterly earnings results on Wednesday. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02, Zacks reports. Cadence Bank had a return on equity of 9.98% and a net margin of 18.03%. During the same quarter last year, the business earned $0.40 EPS.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $34.19 on Friday. The stock’s fifty day simple moving average is $36.03 and its 200 day simple moving average is $33.47. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $6.23 billion, a PE ratio of 12.34 and a beta of 1.00. Cadence Bank has a 12 month low of $24.99 and a 12 month high of $40.20.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.22%. Cadence Bank’s dividend payout ratio (DPR) is 36.10%.

Analyst Ratings Changes

CADE has been the topic of several research analyst reports. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. DA Davidson boosted their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research note on Thursday. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial raised their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.95.

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.