Cadence bank (NYSE: CADE – Get a rating) – Equity research analysts at Jefferies Financial Group have cut their first-quarter 2023 earnings per share estimates for Cadence Bank in a research report released to clients and investors on Thursday, October 27. Jefferies Financial Group analyst C. Haire now expects the company to post earnings of $0.66 per share for the quarter, down from its previous forecast of $0.75. The consensus estimate of Cadence Bank’s current annual earnings is $2.95 per share. Jefferies Financial Group also released estimates for Cadence Bank Q2 2023 earnings at $0.67 EPS, Q1 2024 earnings at $0.71 EPS and Q3 2024 earnings at $0.73 EPS.
Several other analysts have also recently commented on the stock. Piper Sandler lowered her price target on Cadence Bank shares to $33.00 in a Monday, July 4, research report. Stephens raised his price target on Cadence Bank shares to $32.00 and gave the stock an “outperform” rating in a Wednesday, July 27 research note. Finally, Raymond James lowered his price target on Cadence Bank shares from $35.00 to $32.00 and set a “Strong Buy” rating for the company in a Thursday, July 7 research note. Four analysts gave the stock a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $31.33.
Performance of Cadence Bank shares
Shares of Cadence Bank Stock opened at $26.86 on Friday. The company has a 50-day simple moving average of $26.47 and a 200-day simple moving average of $25.77. Cadence Bank has a fifty-two week low of $22.04 and a fifty-two week high of $34.24. The company has a debt ratio of 0.12, a current ratio of 0.73 and a quick ratio of 0.71. The company has a market capitalization of $2.92 billion, a P/E ratio of 15.62 and a beta of 0.98.
Cadence bank (NYSE: CADE – Get a rating) last announced its results on Monday, July 25. The company reported earnings per share (EPS) of $0.73 for the quarter, beating analyst consensus estimates of $0.66 by $0.07. The company posted revenue of $450.00 million for the quarter, versus analyst estimates of $443.43 million. Cadence Bank posted a net margin of 17.78% and a return on equity of 11.92%. In the same period a year earlier, the company earned $0.86 per share.
Institutional entries and exits
Several institutional investors have recently changed their stake in CADE. Private Trust Co. NA bought a new stake in Cadence Bank in Q2 for $28,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in Cadence Bank in Q3 worth approximately $29,000. Exchange Traded Concepts LLC increased its stake in Cadence Bank by 58.6% in Q3. Exchange Traded Concepts LLC now owns 1,183 shares of the company valued at $30,000 after purchasing an additional 437 shares during the period. Wipfli Financial Advisors LLC bought a new position in shares of Cadence Bank during the third quarter for a value of approximately $50,000. Finally, Citizens National Bank Trust Department acquired a new stake in Cadence Bank stock in the second quarter worth approximately $57,000.
Cadence Bank Company Profile
Cadence Bank provides commercial banking and financial services in the United States. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, corporate and business banking, cash management, specialty and asset-based lending, commercial real estate, equipment finance and correspondent banking.
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