Cadence Bank (NYSE:CADE) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Cadence Bank (NYSE:CADE - Get Free Report) issued its quarterly earnings results on Monday. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.07, Zacks reports. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The business had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. During the same quarter last year, the business posted $0.62 earnings per share.

Cadence Bank Stock Performance

NYSE:CADE traded up $0.64 on Thursday, reaching $29.04. The company's stock had a trading volume of 314,656 shares, compared to its average volume of 1,306,762. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The firm has a market cap of $5.29 billion, a PE ratio of 10.48 and a beta of 0.87. The business's 50-day moving average price is $30.03 and its two-hundred day moving average price is $33.50.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.79%. Cadence Bank's payout ratio is presently 38.60%.

Analyst Ratings Changes

Several equities research analysts have recently commented on CADE shares. Barclays lowered their target price on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley dropped their price objective on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Citigroup raised their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a research note on Monday, January 27th. Stephens reissued an "overweight" rating and set a $40.00 price target on shares of Cadence Bank in a research note on Tuesday. Finally, Piper Sandler cut their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.36.

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.