Cadence Bank (NYSE:CADE) Releases Earnings Results, Beats Expectations By $0.07 EPS

Cadence Bank (NYSE:CADE) posted its quarterly earnings data on Monday. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $451.61 million. During the same quarter in the prior year, the business posted $0.62 earnings per share.

Cadence Bank Stock Down 1.0 %

CADE opened at $27.64 on Tuesday. The company has a market cap of $5.04 billion, a PE ratio of 9.98 and a beta of 0.87. The company has a 50-day moving average price of $30.30 and a 200 day moving average price of $33.58. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is currently 39.71%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CADE shares. Morgan Stanley decreased their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Stephens restated an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Hovde Group decreased their price objective on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a report on Wednesday, April 2nd. Citigroup increased their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Finally, Barclays cut their target price on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average target price of $38.09.

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.