Q3 2023 EPS Estimates for Cadence Bank (NYSE:CADE) Lowered by Analyst

Posted by Defense World Staff on Oct 5th, 2023

Cadence Bank (NYSE:CADE – Free Report) – Research analysts at DA Davidson cut their Q3 2023 earnings estimates for shares of Cadence Bank in a note issued to investors on Tuesday, October 3rd. DA Davidson analyst K. Fitzsimmons now expects that the company will earn $0.53 per share for the quarter, down from their prior estimate of $0.61. The consensus estimate for Cadence Bank’s current full-year earnings is $2.46 per share. DA Davidson also issued estimates for Cadence Bank’s FY2023 earnings at $2.45 EPS.

Several other research firms also recently commented on CADE. TheStreet raised shares of Cadence Bank from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Truist Financial cut their price objective on shares of Cadence Bank from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, September 27th. Stephens raised their price objective on shares of Cadence Bank from $24.00 to $27.00 in a report on Wednesday, July 26th. Finally, Morgan Stanley cut their price objective on shares of Cadence Bank from $23.00 to $22.00 and set an “equal weight” rating for the company in a report on Wednesday, September 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus target price of $25.50.

Read Our Latest Report on CADE

Cadence Bank Stock Up 4.1 %

Cadence Bank stock opened at $21.10 on Wednesday. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $29.41. The firm has a 50 day moving average price of $22.89 and a 200-day moving average price of $21.12. The company has a market capitalization of $3.85 billion, a P/E ratio of 9.63 and a beta of 1.02. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.10.

Cadence Bank (NYSE:CADE – Get Free Report) last released its earnings results on Tuesday, July 25th. The company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.04). Cadence Bank had a net margin of 16.99% and a return on equity of 12.79%. The company had revenue of $465.84 million for the quarter, compared to the consensus estimate of $476.12 million. During the same period in the prior year, the company earned $0.73 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 4.46%. The ex-dividend date was Thursday, September 14th. Cadence Bank’s dividend payout ratio (DPR) is currently 42.92%.

Hedge Funds Weigh In On Cadence Bank

Large investors have recently added to or reduced their stakes in the business. State of Wyoming purchased a new position in Cadence Bank in the 4th quarter worth $25,000. Sunbelt Securities Inc. raised its position in Cadence Bank by 102.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,800 shares of the company’s stock worth $35,000 after purchasing an additional 913 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Cadence Bank in the 2nd quarter worth $37,000. Covestor Ltd grew its holdings in Cadence Bank by 189.8% in the 1st quarter. Covestor Ltd now owns 2,455 shares of the company’s stock worth $72,000 after acquiring an additional 1,608 shares during the last quarter. Finally, Ronald Blue Trust Inc. grew its holdings in Cadence Bank by 34.4% in the 1st quarter. Ronald Blue Trust Inc. now owns 3,097 shares of the company’s stock worth $77,000 after acquiring an additional 793 shares during the last quarter. Hedge funds and other institutional investors own 80.22% of the company’s stock.

Cadence Bank Company Profile

(Get Free Report)

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.