Cadence Bank (NYSE:CADE) Given New $42.00 Price Target at Morgan Stanley

Cadence Bank (NYSE:CADE) had its price target lowered by Morgan Stanley from $46.00 to $42.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 42.23% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Citigroup boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $38.00 to $45.00 and gave the stock 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 raised their price target for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Finally, Stephens reiterated an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and an average target price of $38.77.

Cadence Bank Price Performance

Shares of CADE traded up $0.10 during midday trading on Thursday, hitting $29.53. The stock had a trading volume of 286,803 shares, compared to its average volume of 1,189,561. The firm has a market cap of $5.38 billion, a price-to-earnings ratio of 10.66 and a beta of 0.96. The company has a 50 day simple moving average of $33.96 and a two-hundred day simple moving average of $34.12. Cadence Bank has a twelve month low of $26.16 and a twelve month high of $40.20.

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

Institutional Investors Weigh In On Cadence Bank

A number of hedge funds have recently added to or reduced their stakes in the business. Brooklyn Investment Group acquired a new stake in shares of Cadence Bank during the 4th quarter worth approximately $26,000. Mather Group LLC. grew its holdings in Cadence Bank by 716.2% in the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. acquired a new stake in Cadence Bank in the fourth quarter worth $31,000. Point72 Hong Kong Ltd bought a new stake in Cadence Bank in the third quarter valued at $32,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after purchasing an additional 722 shares during the period. 84.61% of the stock is currently owned by 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.