Cadence Bank (NYSE:CADE) Price Target Cut to $29.00 by Analysts at Jefferies Financial Group

Cadence Bank (NYSE:CADE) had its price target decreased by Jefferies Financial Group from $31.00 to $29.00 in a research note released on Wednesday morning, Benzinga reports. Jefferies Financial Group currently has a hold rating on the stock.

A number of other research firms also recently weighed in on CADE. Hovde Group raised Cadence Bank from a market perform rating to an outperform rating and raised their price target for the stock from $32.50 to $33.00 in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a report on Wednesday, April 24th. Barclays increased their price objective on Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a report on Monday, June 24th. Truist Financial increased their price objective on Cadence Bank from $32.00 to $33.00 and gave the company a buy rating in a report on Monday, April 1st. Finally, Royal Bank of Canada reissued a sector perform rating and set a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $31.18.

Cadence Bank Stock Down 1.4 %

CADE opened at $28.22 on Wednesday. Cadence Bank has a fifty-two week low of $19.00 and a fifty-two week high of $31.45. The business has a 50-day moving average of $28.34 and a 200-day moving average of $28.14. 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 market capitalization of $5.14 billion, a PE ratio of 9.02 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results 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. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The company had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. During the same period last year, the business earned $0.68 EPS. The business’s quarterly revenue was up 12.6% on a year-over-year basis. Equities research analysts forecast that Cadence Bank will post 2.48 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend was Friday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is currently 31.95%.

Institutional Trading of Cadence Bank

A number of hedge funds have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the period. Tidal Investments LLC bought a new stake in shares of Cadence Bank in the 1st quarter worth approximately $209,000. Lavaca Capital LLC bought a new stake in shares of Cadence Bank in the 1st quarter worth approximately $207,000. Lazard Asset Management LLC lifted its position in shares of Cadence Bank by 125.0% in the 1st quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock worth $236,000 after acquiring an additional 4,545 shares during the period. Finally, Keeley Teton Advisors LLC lifted its position in shares of Cadence Bank by 2.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 237,291 shares of the company’s stock worth $6,881,000 after acquiring an additional 6,328 shares during the period. Institutional investors own 84.61% of the company’s stock.

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.