Equities Analysts Issue Forecasts for Cadence Bank’s Q3 2023 Earnings (NYSE:CADE)

Posted by Defense World Staff on Apr 13th, 2023

Cadence Bank (NYSE:CADE – Get Rating) – Research analysts at Jefferies Financial Group lowered their Q3 2023 earnings per share estimates for Cadence Bank in a note issued to investors on Tuesday, April 11th. Jefferies Financial Group analyst C. Haire now forecasts that the company will post earnings of $0.64 per share for the quarter, down from their previous estimate of $0.71. The consensus estimate for Cadence Bank’s current full-year earnings is $2.68 per share. Jefferies Financial Group also issued estimates for Cadence Bank’s Q4 2023 earnings at $0.65 EPS, FY2023 earnings at $2.50 EPS, Q1 2024 earnings at $0.60 EPS, Q2 2024 earnings at $0.63 EPS, Q3 2024 earnings at $0.62 EPS, Q4 2024 earnings at $0.59 EPS and FY2024 earnings at $2.45 EPS.

Several other equities research analysts have also issued reports on the company. Raymond James dropped their price target on Cadence Bank from $30.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Thursday, April 6th. Keefe, Bruyette & Woods reduced their target price on Cadence Bank from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. Truist Financial reduced their target price on Cadence Bank from $29.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, March 23rd. UBS Group assumed coverage on Cadence Bank in a research note on Wednesday, March 15th. They issued a “sell” rating and a $21.00 price target on the stock. Finally, Stephens upped their price objective on Cadence Bank from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, February 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $26.90.

Cadence Bank Price Performance

Cadence Bank stock opened at $20.48 on Wednesday. Cadence Bank has a 52 week low of $19.24 and a 52 week high of $29.41. The business has a 50-day simple moving average of $24.08 and a 200 day simple moving average of $25.57. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.11. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 8.33 and a beta of 0.96.

Cadence Bank (NYSE:CADE – Get Rating) last announced its quarterly earnings results 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 return on equity of 13.05% and a net margin of 22.56%. The company had revenue of $474.23 million during the quarter, compared to analysts’ expectations of $485.08 million. During the same period in the previous year, the business earned $0.63 earnings per share. The firm’s quarterly revenue was up 26.4% compared to the same quarter last year.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors have recently bought and sold shares of CADE. Bank of Montreal Can grew its position in shares of Cadence Bank by 4.4% during the first quarter. Bank of Montreal Can now owns 19,804 shares of the company’s stock valued at $603,000 after purchasing an additional 841 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Cadence Bank by 6.2% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 69,024 shares of the company’s stock valued at $2,020,000 after acquiring an additional 4,059 shares in the last quarter. Cibc World Market Inc. bought a new stake in shares of Cadence Bank during the first quarter valued at approximately $2,437,000. Sei Investments Co. raised its stake in shares of Cadence Bank by 1,892.1% during the first quarter. Sei Investments Co. now owns 251,737 shares of the company’s stock valued at $7,370,000 after acquiring an additional 239,100 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in Cadence Bank during the first quarter valued at approximately $2,458,000.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th were paid a $0.235 dividend. This represents a $0.94 dividend on an annualized basis 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 is presently 38.21%.

About Cadence Bank

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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.