Cadence Bank (NYSE:CADE) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Cadence Bank (NYSE:CADE) issued its quarterly earnings results on Monday. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04, Zacks reports. Cadence Bank had a net margin of 18.15% and a return on equity of 10.08%. The company had revenue of $517.24 million during the quarter, compared to the consensus estimate of $523.60 million. During the same quarter in the previous year, the firm earned $0.73 earnings per share.

Cadence Bank Stock Down 3.6%

Shares of NYSE CADE opened at $35.72 on Wednesday. The business has a 50-day moving average price of $37.35 and a 200 day moving average price of $33.58. The stock has a market cap of $6.51 billion, a PE ratio of 12.94 and a beta of 0.88. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.23.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CADE. Hovde Group lifted their price objective on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a “market perform” rating in a research report on Monday, July 28th. DA Davidson raised their price target on Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Royal Bank Of Canada lifted their price target on Cadence Bank from $37.00 to $43.00 and gave the stock a “sector perform” rating in a report on Friday, October 10th. Piper Sandler increased their price objective on Cadence Bank from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Finally, Wall Street Zen lowered Cadence Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 26th. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds have recently modified their holdings of CADE. Goldman Sachs Group Inc. raised its position in Cadence Bank by 9.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock valued at $85,953,000 after purchasing an additional 244,146 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Cadence Bank by 32.4% in the second quarter. AQR Capital Management LLC now owns 1,012,519 shares of the company’s stock valued at $32,380,000 after buying an additional 247,743 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Cadence Bank by 35.8% during the second quarter. Bank of America Corp DE now owns 770,940 shares of the company’s stock worth $24,655,000 after buying an additional 203,262 shares during the period. Invesco Ltd. boosted its stake in shares of Cadence Bank by 39.5% during the second quarter. Invesco Ltd. now owns 612,731 shares of the company’s stock worth $19,595,000 after buying an additional 173,425 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Cadence Bank by 1.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,691 shares of the company’s stock worth $14,290,000 after buying an additional 6,312 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.