Cadence Bank (NYSE:CADE) Receives $36.63 Consensus Target Price from Brokerages

Shares of Cadence Bank (NYSE:CADE) have received an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $36.63.

Several equities analysts have recently commented on CADE shares. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada upped their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Barclays boosted their price target on Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th.

Institutional Trading of Cadence Bank

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC increased its position in Cadence Bank by 1.2% in the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after buying an additional 195,773 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after buying an additional 593,878 shares during the last quarter. State Street Corp increased its position in Cadence Bank by 1.9% in the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after buying an additional 165,282 shares during the last quarter. Geode Capital Management LLC increased its position in Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after buying an additional 39,679 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Cadence Bank by 4.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after buying an additional 105,231 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

NYSE CADE opened at $37.09 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20. The company has a market capitalization of $6.76 billion, a PE ratio of 10.66 and a beta of 0.98. The firm’s 50 day moving average is $35.21 and its 200-day moving average is $31.89.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, October 21st. The company reported $0.73 earnings per share 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 the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 earnings per share. Equities research analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.70%. 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.