Cadence Bank (NYSE:CADE) Announces Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Cadence Bank (NYSE:CADE) issued its earnings results on Tuesday. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08, Briefing.com reports. The company had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. Cadence Bank’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.68 EPS.

Cadence Bank Stock Up 1.7 %

Shares of NYSE:CADE opened at $29.37 on Thursday. Cadence Bank has a 52-week low of $16.95 and a 52-week high of $31.45. The firm has a market capitalization of $5.36 billion, a P/E ratio of 9.38 and a beta of 1.02. The stock has a 50 day moving average price of $27.68 and a 200-day moving average price of $26.53. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85.

Analyst Ratings Changes

CADE has been the subject of several analyst reports. Stephens restated an “overweight” rating and set a $33.00 target price on shares of Cadence Bank in a report on Tuesday. Jefferies Financial Group dropped their target price on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Raymond James dropped their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 31st. Hovde Group upgraded Cadence Bank from a “market perform” rating to an “outperform” rating and increased their target price for the company from $32.50 to $33.00 in a report on Wednesday. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.09.

About Cadence Bank

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.