Cadence Bancorporation (NYSE:CADE) – Jefferies Financial Group raised its earnings per share estimate for the first quarter of 2022 for Cadence Bancorporation in a report released Sunday, February 13. Jefferies Financial Group analyst C. Haire now expects the company to post earnings of $0.63 per share for the quarter, up from its previous forecast of $0.62. Jefferies Financial Group also released estimates for Cadence Bancorporation Q2 2022 earnings at $0.70 EPS, Q3 2022 earnings at $0.74 EPS, Q4 2022 earnings at $0.73 EPS, earnings for fiscal year 2022 at $2.80 EPS, Q1 2023 earnings at $0.72 EPS, Q2 2023 earnings at $0.83 EPS, Q3 2023 earnings at $0.84 EPS and fiscal 2023 at $3.20 EPS. Cadence Bancorporation (NYSE:CADE) last released its quarterly results on Tuesday, January 25. The company reported ($0.22) earnings per share for the quarter, missing the Zacks consensus estimate of $0.49 per ($0.71). Cadence Bancorporation achieved a return on equity of 11.65% and a net margin of 15.49%. During the same period a year earlier, the company posted EPS of $0.69.
Several other brokerages have also recently weighed in on CADE. Zacks Investment Research downgraded Cadence Bancorporation from a “buy” rating to a “hold” rating in a Friday, January 28 research note. Piper Sandler upgraded Cadence Bancorporation from a “neutral” rating to an “overweight” rating and raised its price target for the company from $34.00 to $40.00 in a Thursday, November 4 research note. Janney Montgomery Scott upgraded Cadence Bancorporation from a “neutral” rating to a “buy” rating and set a target price of $35.00 for the company in a report on Thursday, December 9. Truist Financial began covering Cadence Bancorporation in a report on Monday, November 1. They set a “buy” rating and a price target of $35.00 for the company. Finally, Raymond James raised his price target on Cadence Bancorporation from $36.00 to $40.00 and gave the stock a “Strong Buy” rating in a Thursday, January 27 report. Four investment analysts gave the stock a hold rating, three gave the stock a buy rating and one gave the stock a high buy rating. According to data from MarketBeat.com, Cadence Bancorporation currently has a consensus rating of “Buy” and an average target price of $32.50.
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Shares of NYSE CADE opened at $32.41 on Wednesday. The company’s 50-day moving average price is $31.16 and its 200-day moving average price is $26.57. The company has a market capitalization of $3.52 billion, a P/E ratio of 17.15 and a beta of 1.05. Cadence Bancorporation has a 52-week minimum of $27.25 and a 52-week maximum of $34.24. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt ratio of 0.10.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 1. Shareholders of record on Tuesday, March 15 will receive a dividend of $0.22. The ex-dividend date is Monday, March 14. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 2.72%. This is a positive change from Cadence Bancorporation’s previous quarterly dividend of $0.20. Cadence Bancorporation’s dividend payout ratio is currently 42.33%.
Several large investors have recently changed their positions in the stock. Silvercrest Asset Management Group LLC acquired a new equity stake in Cadence Bancorporation in the fourth quarter valued at approximately $173,967,000. State Street Corp increased its stake in shares of Cadence Bancorporation by 49.7% in the fourth quarter. State Street Corp now owns 9,966,096 shares of the company valued at $298,602,000 after acquiring 3,310,115 additional shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in Cadence Bancorporation in Q4 for a value of approximately $57,578,000. Northern Trust Corp increased its position in Cadence Bancorporation by 112.3% in the fourth quarter. Northern Trust Corp now owns 3,482,824 shares of the company worth $103,752,000 after buying an additional 1,842,517 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings of Cadence Bancorporation shares by 34.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,091,420 shares of the company valued at $211,256,000 after purchasing an additional 1,810,881 shares during the period. Institutional investors and hedge funds own 68.67% of the company’s shares.
Company Profile Cadence Bancorporation
Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include personal banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and corporate banking, cash, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, pension plan management pension and personal and business insurance.
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