Cadence Bank (NYSE:CADE) Receives $34.88 Average Target Price from Analysts

Shares of Cadence Bank (NYSE:CADE) have earned an average rating of “Moderate Buy” from the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $34.88.

A number of analysts recently issued reports on CADE shares. DA Davidson upped their target price on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada upped their target price on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Truist Financial decreased their target price on Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Finally, Hovde Group increased their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th.

Institutional Trading of Cadence Bank

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after purchasing an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after purchasing an additional 593,878 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Cadence Bank by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after purchasing an additional 36,323 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Cadence Bank by 1.8% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company’s stock valued at $50,667,000 after purchasing an additional 31,815 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Cadence Bank by 5.4% in the 1st quarter. Principal Financial Group Inc. now owns 826,476 shares of the company’s stock valued at $23,968,000 after purchasing an additional 42,267 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Trading Down 1.8 %

CADE opened at $32.89 on Friday. Cadence Bank has a one year low of $19.67 and a one year high of $34.13. The company has a market cap of $5.99 billion, a P/E ratio of 10.51 and a beta of 0.96. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. The business’s 50-day simple moving average is $31.46 and its 200-day simple moving average is $29.79.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The firm had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same period in the prior year, the firm earned $0.64 EPS. As a group, equities research analysts expect that Cadence Bank will post 2.57 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.25 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.04%. Cadence Bank’s dividend payout ratio is currently 31.95%.

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.