Cadence Bank (NYSE:CADE) Announces Quarterly Earnings Results

Cadence Bank (NYSE:CADE) released its earnings results on Tuesday. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.54 by $0.08, Briefing.com reports. The firm had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a return on equity of 9.22% and a net margin of 23.83%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.68 EPS.

Cadence Bank Price Performance

NYSE:CADE traded up $0.48 during trading hours on Wednesday, hitting $29.37. The company’s stock had a trading volume of 2,010,119 shares, compared to its average volume of 1,381,632. The stock has a fifty day simple moving average of $27.62 and a 200-day simple moving average of $26.51. The company has a market capitalization of $5.36 billion, a P/E ratio of 9.35 and a beta of 1.02. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.85. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $31.45.

Wall Street Analyst Weigh In

CADE has been the topic of a number of analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $31.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 9th. Keefe, Bruyette & Woods upped their price objective on Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday. Citigroup upped their price objective on Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, December 29th. Stephens reiterated an “overweight” rating and set a $33.00 price objective on shares of Cadence Bank in a research note on Tuesday. Finally, Hovde Group upgraded Cadence Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $32.50 to $33.00 in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.09.

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.