Cadence Bank (NYSE:CADE) Posts Earnings Results, Beats Estimates By $0.09 EPS

Cadence Bank (NYSE:CADE) issued its quarterly earnings results on Monday. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09, Yahoo Finance reports. The business had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. Cadence Bank’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.56 EPS.

Cadence Bank Stock Down 0.5 %

Shares of NYSE:CADE opened at $33.82 on Thursday. The business’s 50 day moving average is $31.71 and its 200 day moving average is $29.91. The stock has a market cap of $6.16 billion, a P/E ratio of 10.81 and a beta of 0.96. Cadence Bank has a 52-week low of $19.94 and a 52-week high of $34.25. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Analyst Upgrades and Downgrades

CADE has been the topic of several recent analyst reports. Royal Bank of Canada boosted their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday. Jefferies Financial Group reduced their price target 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. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and raised their price objective 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 target price on shares of Cadence Bank in a research note on Tuesday, July 23rd. Finally, DA Davidson lifted their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.29.

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.