Brokers Issue Forecasts for Cadence Bank’s Q1 2023 Earnings (NYSE:CADE)

Posted by on Apr 7th, 2023

Cadence Bank (NYSE:CADE – Get Rating) – Research analysts at DA Davidson cut their Q1 2023 earnings estimates for Cadence Bank in a research report issued to clients and investors on Wednesday, April 5th. DA Davidson analyst K. Fitzsimmons now anticipates that the company will earn $0.68 per share for the quarter, down from their previous estimate of $0.71. DA Davidson currently has a “Buy” rating and a $25.00 target price on the stock. The consensus estimate for Cadence Bank’s current full-year earnings is $2.79 per share. DA Davidson also issued estimates for Cadence Bank’s FY2023 earnings at $2.64 EPS.

Cadence Bank (NYSE:CADE – Get Rating) last posted its quarterly earnings data on Tuesday, January 31st. The company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.03. Cadence Bank had a net margin of 22.56% and a return on equity of 13.05%. The company had revenue of $474.23 million during the quarter, compared to analyst estimates of $485.08 million. During the same quarter last year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 26.4% on a year-over-year basis.

Other analysts have also issued reports about the stock. Raymond James reduced their price objective on shares of Cadence Bank from $30.00 to $26.00 in a research note on Thursday. Truist Financial reduced their price objective on shares of Cadence Bank from $29.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, March 23rd. UBS Group assumed coverage on shares of Cadence Bank in a research note on Wednesday, March 15th. They set a “sell” rating and a $21.00 price objective for the company. Keefe, Bruyette & Woods reduced their price objective on shares of Cadence Bank from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Thursday, February 2nd. Finally, Stephens upped their price objective on shares of Cadence Bank from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.30.

Cadence Bank Stock Performance

NYSE:CADE opened at $20.49 on Thursday. Cadence Bank has a twelve month low of $19.24 and a twelve month high of $29.41. The company has a current ratio of 0.75, a quick ratio of 0.74 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average of $24.51 and a 200-day moving average of $25.74. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 8.33 and a beta of 0.96.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. State of Wyoming bought a new position in Cadence Bank during the fourth quarter valued at approximately $25,000. Private Trust Co. NA acquired a new position in Cadence Bank during the second quarter valued at approximately $28,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Cadence Bank during the third quarter valued at approximately $29,000. Exchange Traded Concepts LLC grew its holdings in Cadence Bank by 58.6% during the third quarter. Exchange Traded Concepts LLC now owns 1,183 shares of the company’s stock valued at $30,000 after purchasing an additional 437 shares during the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new position in Cadence Bank during the third quarter valued at approximately $50,000.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Wednesday, March 15th were given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 4.59%. The ex-dividend date was Tuesday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.22. Cadence Bank’s dividend payout ratio (DPR) is presently 38.21%.

Cadence Bank Company Profile

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Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance.

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Earnings History and Estimates for Cadence Bank (NYSE:CADE)

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