Cadence Bank (NYSE:CADE) Issues Quarterly Earnings Results

Cadence Bank (NYSE:CADE) posted its quarterly earnings data on Monday. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08, Yahoo Finance reports. The business had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a return on equity of 9.00% and a net margin of 24.42%. During the same quarter in the prior year, the company earned $0.64 earnings per share.

Cadence Bank Stock Performance

Cadence Bank stock opened at $33.12 on Thursday. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $34.13. The stock’s 50-day moving average is $28.80 and its 200-day moving average is $28.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $6.04 billion, a price-to-earnings ratio of 10.58 and a beta of 0.98.

Wall Street Analysts Forecast Growth

CADE has been the subject of a number of analyst reports. Truist Financial boosted their target price on shares of Cadence Bank from $31.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group cut their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday. DA Davidson lifted their price target on Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Barclays boosted their price objective on Cadence Bank from $30.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.79.

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.