Cadence Bank (NYSE:CADE) Hits New 1-Year High on Earnings Beat

Shares of Cadence Bank (NYSE:CADE) reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $34.18 and last traded at $33.88, with a volume of 1979978 shares changing hands. The stock had previously closed at $32.46.

The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.56 earnings per share.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 2.96%. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CADE. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Barclays increased their price target on shares of Cadence Bank from $33.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, September 27th. Jefferies Financial Group dropped their price target on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Piper Sandler lowered shares of Cadence Bank from an “overweight” rating to a “neutral” rating and increased their price target for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Finally, Hovde Group increased their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and an average target price of $34.88.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of CADE. Vanguard Group Inc. grew its position in Cadence Bank by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock valued at $571,986,000 after buying an additional 157,523 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Cadence Bank by 19.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock valued at $429,000 after buying an additional 2,376 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its position in Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after buying an additional 227,395 shares during the last quarter. State of Michigan Retirement System grew its position in Cadence Bank by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock valued at $1,299,000 after buying an additional 1,000 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Cadence Bank by 5.4% in the first quarter. Principal Financial Group Inc. now owns 826,476 shares of the company’s stock valued at $23,968,000 after acquiring an additional 42,267 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Trading Up 4.2 %

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The business has a fifty day simple moving average of $31.53 and a 200 day simple moving average of $29.84. The company has a market cap of $6.16 billion, a price-to-earnings ratio of 10.48 and a beta of 0.96.

Cadence Bank Company Profile

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.