Analysts Set Cadence Bank (NYSE:CADE) Target Price at $37.32

Shares of Cadence Bank (NYSE:CADE) have earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $37.32.

CADE has been the topic of a number of research reports. Keefe, Bruyette & Woods lifted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada increased their price target 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. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Finally, DA Davidson increased their target price 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.

Cadence Bank Stock Performance

Shares of CADE opened at $34.45 on Wednesday. The firm has a market capitalization of $6.28 billion, a P/E ratio of 9.90 and a beta of 1.00. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20. The stock has a 50 day moving average price of $36.29 and a two-hundred day moving average price of $32.85. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. The company had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.56 earnings per share. Equities analysts forecast that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date was Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Cadence Bank during the 3rd quarter worth approximately $11,727,000. Vaughan Nelson Investment Management L.P. raised its position in shares of Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after acquiring an additional 291,885 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Cadence Bank by 21.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after purchasing an additional 237,748 shares during the period. Finally, FMR LLC boosted its position in shares of Cadence Bank by 1.2% during the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after purchasing an additional 195,773 shares in the last quarter. 84.61% of the stock is 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.