Cadence Bank (NYSE:CADE) Sets New 12-Month High – Here’s What Happened

Cadence Bank (NYSE:CADE)’s share price hit a new 52-week high during trading on Monday . The company 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.

Wall Street Analysts Forecast Growth

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

Cadence Bank Price Performance

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 stock’s fifty day moving average price is $33.84 and its two-hundred day moving average price is $31.19. The firm has a market capitalization of $7.24 billion, a price-to-earnings ratio of 11.17 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS 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 analyst estimates of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. Cadence Bank’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the business earned $0.56 EPS. Equities research analysts expect 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. Stockholders of record on Friday, December 13th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is 28.74%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC grew its holdings in Cadence Bank by 125.0% in the 1st quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock valued at $236,000 after buying an additional 4,545 shares during the period. Tidal Investments LLC purchased a new position in Cadence Bank during the first quarter worth approximately $209,000. GAMMA Investing LLC boosted its holdings in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares during the last quarter. Chickasaw Capital Management LLC purchased a new stake in shares of Cadence Bank during the 2nd quarter valued at $369,000. Finally, Diversified Trust Co grew its stake in shares of Cadence Bank by 6.9% during the 2nd quarter. Diversified Trust Co now owns 41,792 shares of the company’s stock valued at $1,182,000 after buying an additional 2,692 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.