Cadence Bank (NYSE:CADE) Receives $38.77 Average Target Price from Brokerages

Shares of Cadence Bank (NYSE:CADE) have been given an average recommendation of “Moderate Buy” by the eleven analysts that are presently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $38.77.

A number of research analysts recently commented on CADE shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Stephens reissued an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley reduced their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors have recently modified their holdings of CADE. Norges Bank purchased a new position in Cadence Bank during the fourth quarter valued at approximately $71,915,000. Millennium Management LLC increased its holdings in Cadence Bank by 846.1% during the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock valued at $36,273,000 after buying an additional 941,613 shares during the period. Boston Partners purchased a new position in Cadence Bank during the fourth quarter valued at approximately $24,834,000. First Trust Advisors LP boosted its stake in Cadence Bank by 21.2% in the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock valued at $90,753,000 after acquiring an additional 460,486 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Cadence Bank in the fourth quarter worth $13,225,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $30.66 on Monday. The company has a market capitalization of $5.59 billion, a P/E ratio of 11.07 and a beta of 0.96. The company has a fifty day moving average of $33.51 and a 200 day moving average of $34.04. Cadence Bank has a fifty-two week low of $26.16 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 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 posted $0.40 earnings per share. Analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.59%. Cadence Bank’s dividend payout ratio (DPR) is 39.71%.

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.