Cadence Bank (NYSE:CADE) Downgraded by Piper Sandler

Cadence Bank (NYSE:CADE) was downgraded by analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $34.00 target price on the stock, up from their previous target price of $33.00. Piper Sandler’s price objective suggests a potential upside of 1.89% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Truist Financial decreased their price target on shares of Cadence Bank from $33.00 to $31.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. Barclays lifted their price target on Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Monday, June 24th. Hovde Group raised Cadence Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $32.50 to $33.00 in a research note on Wednesday, April 24th. Jefferies Financial Group lowered their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods increased their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $33.79.

Cadence Bank Stock Up 0.8 %

Shares of CADE stock opened at $33.37 on Wednesday. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 10.66 and a beta of 0.98. The stock’s fifty day moving average price is $28.88 and its 200 day moving average price is $28.26.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. The company had revenue of $742.87 million for the quarter, compared to the consensus estimate of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 9.00%. During the same quarter in the prior year, the company earned $0.64 EPS. On average, research analysts expect that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

A number of institutional investors have recently bought and sold shares of CADE. Dimensional Fund Advisors LP increased its holdings in shares of Cadence Bank by 4.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after acquiring an additional 376,989 shares during the period. Halter Ferguson Financial Inc. acquired a new stake in shares of Cadence Bank in the 4th quarter worth $3,023,000. New York State Common Retirement Fund boosted its holdings in shares of Cadence Bank by 49.4% in the fourth quarter. New York State Common Retirement Fund now owns 112,255 shares of the company’s stock valued at $3,322,000 after acquiring an additional 37,129 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of Cadence Bank by 32.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock valued at $1,998,000 after acquiring an additional 16,850 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in shares of Cadence Bank during the first quarter worth about $716,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.