Morgan Stanley Lowers Cadence Bank (NYSE:CADE) Price Target to $42.00

Cadence Bank (NYSE:CADE) had its price target cut by research analysts at Morgan Stanley from $46.00 to $42.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 40.70% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a report on Friday, January 24th. Stephens restated an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Citigroup boosted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus price target of $38.77.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $29.85 on Thursday. The company has a market cap of $5.44 billion, a PE ratio of 10.78 and a beta of 0.96. Cadence Bank has a 12 month low of $26.16 and a 12 month high of $40.20. The company has a 50-day simple moving average of $33.78 and a 200-day simple moving average of $34.07.

Cadence Bank (NYSE:CADE) last released its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the prior year, the business earned $0.40 earnings per share. On average, analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund lifted its position in shares of Cadence Bank by 0.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock worth $1,284,000 after purchasing an additional 300 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Cadence Bank by 19.3% during the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock worth $64,000 after purchasing an additional 301 shares in the last quarter. Ironwood Investment Management LLC lifted its position in shares of Cadence Bank by 1.2% during the fourth quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company’s stock worth $1,039,000 after purchasing an additional 354 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Cadence Bank by 0.8% during the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company’s stock worth $1,827,000 after purchasing an additional 415 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after purchasing an additional 519 shares in the last quarter. 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.