Barclays Issues Positive Forecast for Cadence Bank (NYSE:CADE) Stock Price

Cadence Bank (NYSE:CADE) had its price target hoisted by Barclays from $37.00 to $41.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts also recently issued research reports about the company. DA Davidson raised their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday. Royal Bank of Canada increased their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, Truist Financial upped their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.63.

Cadence Bank Stock Performance

CADE opened at $37.44 on Thursday. The company’s 50 day moving average is $34.97 and its 200 day moving average is $31.72. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $6.82 billion, a price-to-earnings ratio of 10.76 and a beta of 0.98. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the previous year, the firm posted $0.56 EPS. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts predict that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors 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 dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors have recently bought and sold shares of CADE. FMR LLC raised its position in shares of Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after buying an additional 195,773 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after acquiring an additional 593,878 shares during the last quarter. State Street Corp raised its position in Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock valued at $284,759,000 after purchasing an additional 165,282 shares during the period. Geode Capital Management LLC lifted its stake in shares of Cadence Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cadence Bank by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after purchasing an additional 105,231 shares during the period. Institutional investors own 84.61% of the company’s stock.

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.