Cadence Bank (NYSE:CADE) Price Target Cut to $37.00 by Analysts at Truist Financial

Cadence Bank (NYSE:CADE) had its price objective dropped by stock analysts at Truist Financial from $38.00 to $37.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective suggests a potential upside of 14.52% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. DA Davidson raised their price objective on shares of Cadence Bank from $34.50 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley increased their target price on shares of Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Royal Bank of Canada lifted their target price on Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Stephens reaffirmed an “overweight” rating and issued a $35.00 price target on shares of Cadence Bank in a report on Tuesday, July 23rd. Finally, Jefferies Financial Group decreased their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned 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 $34.46.

Cadence Bank Stock Down 1.0 %

Shares of Cadence Bank stock traded down $0.33 during trading on Friday, hitting $32.31. 701,124 shares of the stock traded hands, compared to its average volume of 1,317,723. The stock has a market cap of $5.89 billion, a P/E ratio of 10.32 and a beta of 0.97. The company has a fifty day moving average price of $31.33 and a two-hundred day moving average price of $29.23. Cadence Bank has a twelve month low of $19.67 and a twelve month high of $34.13. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. During the same period in the prior year, the firm earned $0.64 EPS. Equities research analysts predict that Cadence Bank will post 2.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently made changes to their positions in CADE. Vanguard Personalized Indexing Management LLC bought a new position in Cadence Bank in the fourth quarter valued at about $532,000. Norges Bank acquired a new stake in shares of Cadence Bank during the 4th quarter worth approximately $60,490,000. PNC Financial Services Group Inc. grew its position in shares of Cadence Bank by 19.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock worth $429,000 after buying an additional 2,376 shares during the period. UBS Group AG raised its stake in shares of Cadence Bank by 239.6% during the fourth quarter. UBS Group AG now owns 250,433 shares of the company’s stock worth $7,410,000 after buying an additional 176,681 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in Cadence Bank by 18.2% in the fourth quarter. Corient Private Wealth LLC now owns 23,394 shares of the company’s stock valued at $692,000 after buying an additional 3,598 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

About Cadence Bank

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.