Shares of Cadence Bank (NYSE:CADE – Get Rating) saw an uptick in trading volume on Tuesday following a stronger than expected earnings report. 31,737 shares were traded during mid-day trading, a decline of 97% from the previous session’s volume of 961,592 shares.The stock last traded at $25.13 and had previously closed at $24.57.
The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. Cadence Bank had a return on equity of 10.92% and a net margin of 15.87%. During the same period in the prior year, the company earned $0.86 earnings per share.
Cadence Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th were given a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, June 14th. This represents a $0.88 annualized dividend and a yield of 3.49%. Cadence Bank’s payout ratio is currently 51.16%.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on CADE. Jefferies Financial Group lowered their price objective on Cadence Bank from $28.00 to $26.00 in a research report on Monday, July 11th. Piper Sandler decreased their target price on Cadence Bank to $33.00 in a report on Monday, July 4th. TheStreet upgraded Cadence Bank from a “c+” rating to a “b-” rating in a report on Friday, May 27th. Truist Financial decreased their target price on Cadence Bank from $32.00 to $30.00 in a report on Wednesday, June 15th. Finally, Raymond James decreased their target price on Cadence Bank from $35.00 to $32.00 and set a “strong-buy” rating for the company in a report on Thursday, July 7th. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $31.20.
Hedge Funds Weigh In On Cadence Bank
Institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd bought a new position in Cadence Bank in the fourth quarter worth $25,000. Quadrant Capital Group LLC bought a new position in Cadence Bank in the fourth quarter worth $30,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Cadence Bank in the fourth quarter worth $34,000. Signaturefd LLC grew its stake in shares of Cadence Bank by 1,920.4% in the fourth quarter. Signaturefd LLC now owns 1,980 shares of the company’s stock worth $59,000 after acquiring an additional 1,882 shares during the last quarter. Finally, Prospera Financial Services Inc purchased a new stake in shares of Cadence Bank in the first quarter worth $58,000. Institutional investors own 71.03% of the company’s stock.
Cadence Bank Stock Performance
The stock has a market capitalization of $2.73 billion, a PE ratio of 14.73 and a beta of 1.06. The business has a 50 day moving average price of $24.62 and a 200 day moving average price of $27.79. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.69.
Cadence Bank Company Profile
Cadence Bank provides commercial banking and financial services in the United States. 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.
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