Cadence Bank (NYSE:CADE) Hits New 1-Year High Following Earnings Beat

Cadence Bank (NYSE:CADE) reached a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $34.18 and last traded at $33.88, with a volume of 1979978 shares. The stock had previously closed at $32.46.

The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same period last year, the company earned $0.56 earnings per share. Cadence Bank’s quarterly revenue was up 11.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

CADE has been the topic of a number of research analyst reports. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Truist Financial lowered their price target on Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Hovde Group lifted their price target on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Jefferies Financial Group reduced their price objective 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. Finally, Royal Bank of Canada lifted their price objective on Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average price target of $34.88.

Institutional Investors Weigh In On Cadence Bank

Institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank in the third quarter valued at $25,000. GAMMA Investing LLC grew its stake in shares of Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Cadence Bank in the second quarter valued at $138,000. Davis Investment Partners LLC acquired a new stake in shares of Cadence Bank in the third quarter valued at $202,000. Finally, Argent Advisors Inc. acquired a new stake in shares of Cadence Bank in the first quarter valued at $204,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50 day moving average price of $31.53 and a two-hundred day moving average price of $29.84. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 10.86 and a beta of 0.96.

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.