Cadence Bank (CADE) said after close Monday that it earned $0.56 per share in quarter three 2023. 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 $448 million, missing estimates by $12.1 million.
In the same quarter a year ago, the company earned $0.78 per share on revenue of $479.8 million.
The stock is up 6.15% to $20.90 after the report.
Cadence Bank's profit margins took a hit as earnings fell at a faster pace than revenues.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.
Prior to the report, InvestorsObserver gave the stock an overall score of 46. Meanwhile, the average Wall Street analyst rated the stock a Buy.
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. The company's products and services also comprise small business administration lending, foreign exchange, wealth management, investment and trust, financial planning, retirement plan management, and personal and business insurance services. It operates in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, Texas, Illinois, and Oklahoma, the United States. Cadence Bank was incorporated in 1876 and is headquartered in Tupelo, Mississippi.
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Cadence Bank Up 6.15% To $20.90 After Earnings Miss
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