Cadence Bank (NYSE:CADE) Hits New 52-Week High – Still a Buy?

Shares of Cadence Bank (NYSE:CADE) reached a new 52-week high on Wednesday . The company traded as high as $37.52 and last traded at $37.52, with a volume of 304672 shares. The stock had previously closed at $33.69.

Analyst Ratings Changes

CADE has been the topic of several analyst reports. Hovde Group increased their target price on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Stephens reissued an “overweight” rating and issued a $35.00 target price on shares of Cadence Bank in a research report on Tuesday, July 23rd. Royal Bank of Canada boosted their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson boosted their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cadence Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Cadence Bank Stock Performance

The company has a market cap of $7.00 billion, a P/E ratio of 10.86 and a beta of 0.95. 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 business’s 50 day simple moving average is $32.11 and its 200 day simple moving average is $30.34.

Cadence Bank (NYSE:CADE) last posted 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 during the quarter, compared to analyst estimates of $450.97 million. During the same period last year, the company earned $0.56 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts predict that Cadence Bank will post 2.69 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Friday, December 13th. Cadence Bank’s payout ratio is currently 28.74%.

Hedge Funds Weigh In On Cadence Bank

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after acquiring an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of 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 buying an additional 593,878 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Cadence Bank in the third quarter worth $5,511,000. Leuthold Group LLC purchased a new stake in shares of Cadence Bank in the 3rd quarter worth about $2,743,000. Finally, Moody Aldrich Partners LLC raised its stake in Cadence Bank by 28.6% in the 3rd quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock valued at $9,394,000 after purchasing an additional 65,595 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.