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Cadence Bank Up 2.97% To $25.30 After Earnings Beat

Tuesday, July 26, 2022 11:37 AM | InvestorsObserver Analysts
Cadence Bank Up 2.97% To $25.30 After Earnings Beat

Cadence Bank (CADE) said after close Monday that it earned $0.73 per share in quarter two 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $450 million, beating estimates by $6.3 million.

In the same quarter a year ago, the company earned $0.84 per share on revenue of $185 million.

The stock is up 2.97% to $25.30 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 29. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

BancorpSouth Bank is a $13 billion bank based in Mississippi, with banking and insurance operations in eight different states through almost 300 branches. Nearly half of its deposits are in its home state, followed by Arkansas and Tennessee, with about 15% and 10%, respectively. The balance is divided among Louisiana, Texas, Alabama, Missouri, and Florida. Most of its loans (nearly 60%) are residential and commercial mortgages, followed by 15% in commercial loans and 10% in construction credits.

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