Hovde Group Increases Cadence Bank (NYSE:CADE) Price Target to $36.50

Cadence Bank (NYSE:CADE) had its price target hoisted by research analysts at Hovde Group from $33.00 to $36.50 in a report released on Wednesday, Marketbeat.com reports. The brokerage currently has an “outperform” rating on the stock. Hovde Group’s price target suggests a potential upside of 9.38% from the company’s current price.

Several other brokerages have also issued reports on CADE. Jefferies Financial Group dropped their price target on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Barclays boosted their target price on Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, June 24th. Truist Financial reduced their price target on shares of Cadence Bank from $33.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, July 8th. Stephens reissued an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research note on Tuesday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $31.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 9th. Six equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.79.

Cadence Bank Trading Up 0.8 %

Shares of CADE opened at $33.37 on Wednesday. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The company has a market capitalization of $6.08 billion, a P/E ratio of 10.66 and a beta of 0.98. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm’s 50 day simple moving average is $28.88 and its 200 day simple moving average is $28.26.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 9.00%. The firm had revenue of $742.87 million for the quarter, compared to analysts’ expectations of $439.63 million. During the same quarter last year, the company posted $0.64 EPS. Sell-side analysts forecast that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position 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 worth $28,000 after purchasing an additional 436 shares in the last quarter. Wolverine Asset Management LLC boosted its holdings in Cadence Bank by 952.0% in the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after acquiring an additional 952 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Cadence Bank in the first quarter worth $34,000. Argent Advisors Inc. purchased a new stake in shares of Cadence Bank in the first quarter worth $204,000. Finally, Moody Lynn & Lieberson LLC bought a new position in shares of Cadence Bank during the fourth quarter valued at $205,000. 84.61% of the stock is owned by hedge funds and other 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.