Cadence Bank (NYSE:CADE) Hits New 1-Year High – Should You Buy?

Cadence Bank (NYSE:CADE)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $39.96 and last traded at $39.67, with a volume of 58547 shares trading hands. The stock had previously closed at $38.88.

Analyst Upgrades and Downgrades

Several research firms recently commented on CADE. Royal Bank of Canada boosted their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Barclays boosted their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Truist Financial boosted their price objective 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. Finally, DA Davidson raised their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Trading Up 2.2 %

The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $7.24 billion, a P/E ratio of 11.17 and a beta of 0.95. The business has a 50-day moving average price of $33.84 and a two-hundred day moving average price of $31.19.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. The company had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.56 EPS. On average, 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. Shareholders of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.52%. Cadence Bank’s payout ratio is 28.74%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CADE. V Square Quantitative Management LLC bought a new stake in shares of Cadence Bank in the 3rd quarter valued at about $25,000. GAMMA Investing LLC boosted its stake in shares of Cadence Bank by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the period. Point72 Hong Kong Ltd bought a new position in Cadence Bank in the 3rd quarter valued at about $32,000. Innealta Capital LLC bought a new position in shares of Cadence Bank during the second quarter worth approximately $138,000. Finally, TD Private Client Wealth LLC increased its position in Cadence Bank by 23.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock worth $158,000 after buying an additional 926 shares during the period. 84.61% of the stock is currently owned by institutional investors.

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.