Wall Street Zen Downgrades Cadence Bank (NYSE:CADE) to Sell

Cadence Bank (NYSE:CADE) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other equities analysts have also weighed in on the stock. Royal Bank of Canada dropped their price objective on shares of Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Barclays dropped their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley dropped their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Hovde Group increased their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.82.

Cadence Bank Trading Down 3.8%

NYSE CADE opened at $29.97 on Friday. The firm’s fifty day moving average price is $29.87 and its two-hundred day moving average price is $32.28. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20. The firm has a market capitalization of $5.46 billion, a P/E ratio of 10.82 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.07. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The firm had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. During the same period in the prior year, the firm posted $0.62 earnings per share. On average, research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank declared that its board has approved a stock buyback plan on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its stake in Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after buying an additional 722 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Cadence Bank during the first quarter worth about $40,000. Abound Wealth Management grew its stake in Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after buying an additional 1,150 shares in the last quarter. UMB Bank n.a. grew its stake in Cadence Bank by 169.6% during the first quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock worth $54,000 after buying an additional 1,116 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after buying an additional 1,434 shares in 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.