Cadence Bank (NYSE:CADE) Price Target Raised to $36.00

by · The Markets Daily

Cadence Bank (NYSE:CADE – Free Report) had its price objective upped by Royal Bank of Canada from $35.00 to $36.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a sector perform rating on the stock.

CADE has been the topic of a number of other research reports. Stephens reissued an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Jefferies Financial Group dropped their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Finally, Barclays lifted their price target on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday. Five investment 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.29.

View Our Latest Report on CADE

Cadence Bank Price Performance

CADE opened at $33.09 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $6.03 billion, a P/E ratio of 10.57 and a beta of 0.96. The company’s 50-day simple moving average is $31.83 and its two-hundred day simple moving average is $29.98. Cadence Bank has a 52-week low of $20.52 and a 52-week high of $34.25.

Cadence Bank (NYSE:CADE – Get Free Report) last issued its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.56 EPS. As a group, analysts predict that Cadence Bank will post 2.57 EPS for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Friday, December 13th. Cadence Bank’s payout ratio is currently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC bought a new stake in shares of Cadence Bank during the third quarter valued at approximately $25,000. GAMMA Investing LLC increased its position in Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the last quarter. Innealta Capital LLC bought a new stake in Cadence Bank in the second quarter worth $138,000. Davis Investment Partners LLC bought a new stake in Cadence Bank in the third quarter worth $202,000. Finally, Argent Advisors Inc. bought a new stake in Cadence Bank in the first quarter worth $204,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Company Profile

(Get Free Report)

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.

Recommended Stories