Brokerages Set Cadence Bank (NYSE:CADE) PT at $37.32

Cadence Bank (NYSE:CADE) has received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $37.32.

Several equities research analysts recently commented on the company. DA Davidson increased their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Truist Financial increased their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Royal Bank of Canada lifted their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its holdings in Cadence Bank by 19.3% during the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock valued at $64,000 after purchasing an additional 301 shares in the last quarter. KBC Group NV raised its position in shares of Cadence Bank by 11.5% during the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after purchasing an additional 519 shares during the period. Algert Global LLC lifted its stake in shares of Cadence Bank by 2.8% during the 3rd quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after buying an additional 522 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Cadence Bank by 1.4% in the 3rd quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock worth $1,406,000 after buying an additional 599 shares during the period. Finally, Tidal Investments LLC boosted its holdings in Cadence Bank by 8.1% in the 3rd quarter. Tidal Investments LLC now owns 9,769 shares of the company’s stock worth $311,000 after buying an additional 730 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Trading Up 2.2 %

Shares of NYSE CADE opened at $34.45 on Wednesday. The firm’s 50 day moving average price is $36.29 and its 200-day moving average price is $32.85. Cadence Bank has a 52-week low of $24.99 and a 52-week high of $40.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $6.28 billion, a PE ratio of 9.90 and a beta of 1.00.

Cadence Bank (NYSE:CADE) last released 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 return on equity of 8.95% and a net margin of 25.99%. The business had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the prior year, the firm posted $0.56 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. On average, equities research analysts expect that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.90%. The ex-dividend date was Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 28.74%.

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.