Cadence Bank (NYSE:CADE) Shares Gap Up Following Earnings Beat

Shares of Cadence Bank (NYSE:CADE) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $27.74, but opened at $28.99. Cadence Bank shares last traded at $28.42, with a volume of 185,193 shares traded.

The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CADE shares. Hovde Group lowered shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price target for the company. in a research report on Tuesday, January 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. Stephens reissued an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a report on Tuesday. DA Davidson reaffirmed a “buy” rating on shares of Cadence Bank in a research note on Monday, January 15th. Finally, Truist Financial lifted their target price on Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Six analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Institutional Trading of Cadence Bank

Several hedge funds have recently modified their holdings of the company. Louisiana State Employees Retirement System grew its holdings in shares of Cadence Bank by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 52,600 shares of the company’s stock valued at $1,525,000 after purchasing an additional 1,300 shares in the last quarter. Wesbanco Bank Inc. bought a new position in Cadence Bank during the first quarter valued at $1,358,000. New Perspectives Inc purchased a new position in shares of Cadence Bank in the 1st quarter worth $208,000. State of Michigan Retirement System increased its holdings in shares of Cadence Bank by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock worth $1,299,000 after buying an additional 1,000 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Cadence Bank by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after buying an additional 227,395 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Trading Up 4.2 %

The stock has a market cap of $5.28 billion, a P/E ratio of 9.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.86. The stock’s fifty day moving average is $27.62 and its 200 day moving average is $26.51.

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.