Cadence Bank (NYSE:CADE) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS
by Danessa Lincoln · The Markets DailyCadence Bank (NYSE:CADE – Get Free Report) announced its quarterly earnings data on Monday. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09, Yahoo Finance reports. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the prior year, the firm posted $0.56 earnings per share. Cadence Bank’s quarterly revenue was up 11.0% on a year-over-year basis.
Cadence Bank Price Performance
Cadence Bank stock opened at $33.82 on Thursday. The company’s 50 day moving average is $31.71 and its two-hundred day moving average is $29.91. The firm has a market cap of $6.16 billion, a PE ratio of 10.81 and a beta of 0.96. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 52-week low of $19.94 and a 52-week high of $34.25.
Analysts Set New Price Targets
CADE has been the topic of several recent analyst reports. DA Davidson boosted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Stephens reiterated an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday, July 23rd. Truist Financial lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Barclays increased their price target on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday. 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’s stock. According to data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and an average price target of $35.29.
View Our Latest Analysis on Cadence Bank
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.
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