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

Cadence Bank (NYSE:CADE - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company 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, topping the consensus estimate of $0.64 by $0.09. The business had revenue of $447.36 million during the quarter, compared to analysts' expectations of $450.97 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The business's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.56 EPS.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.25 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.94%. Cadence Bank's dividend payout ratio is presently 31.95%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CADE shares. Morgan Stanley raised Cadence Bank from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Piper Sandler lowered Cadence Bank from an "overweight" rating to a "neutral" rating and upped their target price for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Stephens reissued an "overweight" rating and issued a $35.00 price target on shares of Cadence Bank in a report on Tuesday, July 23rd. Jefferies Financial Group cut their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a "hold" rating on the stock in a report on Wednesday, July 3rd. Finally, Hovde Group lifted their target price on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an "outperform" rating in a research note on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.88.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in CADE. Vanguard Group Inc. raised its holdings in shares of Cadence Bank by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company's stock valued at $571,986,000 after acquiring an additional 157,523 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings 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 purchasing an additional 2,376 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings 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 purchasing an additional 227,395 shares in the last quarter. State of Michigan Retirement System boosted its stake in Cadence Bank by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company's stock worth $1,299,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Cadence Bank by 5.4% during the first quarter. Principal Financial Group Inc. now owns 826,476 shares of the company's stock worth $23,968,000 after buying an additional 42,267 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Price Performance

The stock's 50-day moving average price is $31.53 and its 200 day moving average price is $29.84. 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 firm has a market capitalization of $6.20 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.