Cadence Bank (NYSE:CADE) Price Target Raised to $30.00 at Barclays

Cadence Bank (NYSE:CADE) had its price objective lifted by Barclays from $29.00 to $30.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Hovde Group upgraded shares of Cadence Bank from a market perform rating to an outperform rating and boosted their price objective for the stock from $32.50 to $33.00 in a report on Wednesday, April 24th. Stephens restated an overweight rating and issued a $33.00 price objective on shares of Cadence Bank in a report on Tuesday, April 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an outperform rating in a report on Wednesday, April 24th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $31.00 target price on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Jefferies Financial Group decreased their target price on shares of Cadence Bank from $30.00 to $29.00 and set a hold rating on the stock in a research note on Monday, April 8th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cadence Bank currently has a consensus rating of Moderate Buy and a consensus price target of $31.18.

Cadence Bank Trading Up 2.5 %

Shares of Cadence Bank stock opened at $28.21 on Monday. Cadence Bank has a 1 year low of $18.97 and a 1 year high of $31.45. The firm has a market cap of $5.14 billion, a PE ratio of 9.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The company has a 50 day simple moving average of $28.26 and a two-hundred day simple moving average of $28.18.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 EPS. Analysts expect that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.25 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.00 annualized dividend and a yield of 3.54%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CADE. Norges Bank bought a new position in Cadence Bank in the 4th quarter worth $60,490,000. Wellington Management Group LLP increased its stake in shares of Cadence Bank by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after acquiring an additional 1,063,055 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after acquiring an additional 940,895 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after acquiring an additional 687,025 shares in the last quarter. Finally, Ranger Investment Management L.P. increased its stake in shares of Cadence Bank by 59.4% in the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after acquiring an additional 393,037 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Company Profile

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.