Cadence Bank (NYSE:CADE) Receives $35.29 Consensus Price Target from Brokerages

Cadence Bank (NYSE:CADE) has been assigned an average rating of “Moderate Buy” from the twelve research firms that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $35.29.

Several equities research analysts have weighed in on the stock. Stephens reissued an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research report on Tuesday, July 23rd. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price target for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Hovde Group boosted their target price on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, Truist Financial raised their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares during the last quarter. KBC Group NV increased its holdings in shares of Cadence Bank by 11.5% in the 3rd 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. Algert Global LLC raised its stake in shares of Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company’s stock worth $603,000 after purchasing an additional 522 shares during the last quarter. AlphaMark Advisors LLC lifted its holdings in shares of Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock valued at $307,000 after purchasing an additional 579 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Cadence Bank by 0.3% during the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after buying an additional 689 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Trading Down 1.1 %

NYSE CADE opened at $38.02 on Tuesday. The firm has a market cap of $6.93 billion, a PE ratio of 10.93 and a beta of 0.95. Cadence Bank has a 1-year low of $24.15 and a 1-year high of $39.79. The stock has a 50-day moving average of $33.00 and a 200-day moving average of $30.78. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. The business had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.56 EPS. As a group, sell-side analysts forecast that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

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.