Truist Financial Increases Cadence Bank (NYSE:CADE) Price Target to $38.00

Cadence Bank (NYSE:CADE) had its price target boosted by stock analysts at Truist Financial from $37.00 to $38.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 11.76% from the stock’s previous close.

A number of other analysts have also recently weighed in on the stock. Hovde Group upped their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Royal Bank of Canada upped their target price on shares of Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson upped their target price on shares of Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler lowered shares of Cadence Bank from an “overweight” rating to a “neutral” rating and upped their target price for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $35.13.

Cadence Bank Stock Up 4.7 %

Shares of NYSE CADE opened at $34.00 on Wednesday. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.18. The firm has a fifty day moving average of $31.62 and a 200-day moving average of $29.88. The stock has a market capitalization of $6.20 billion, a PE ratio of 10.86 and a beta of 0.96. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the previous year, the company earned $0.56 EPS. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, analysts anticipate that Cadence Bank will post 2.57 EPS for the current year.

Institutional Trading of Cadence Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after purchasing an additional 940,895 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Cadence Bank by 32.4% in the 1st 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. Entropy Technologies LP purchased a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $716,000. Blue Trust Inc. lifted its position in shares of Cadence Bank by 456.6% in the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after acquiring an additional 17,774 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after acquiring an additional 227,395 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.