Cadence Bank (NYSE:CADE) Cut to “Neutral” at Piper Sandler

Piper Sandler cut shares of Cadence Bank (NYSE:CADE) from an overweight rating to a neutral rating in a research note released on Wednesday morning, MarketBeat.com reports. They currently have $34.00 price objective on the stock, up from their prior price objective of $33.00.

CADE has been the topic of several other reports. Barclays raised their target price on shares of 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. Hovde Group raised shares of Cadence Bank from a market perform rating to an outperform rating and lifted their price target for the company from $32.50 to $33.00 in a research report on Wednesday, April 24th. Royal Bank of Canada reaffirmed a sector perform rating and set a $31.00 price target on shares of Cadence Bank in a research report on Tuesday, April 9th. Finally, Stephens reaffirmed an overweight rating and set a $35.00 price target on shares of Cadence Bank in a research report on Tuesday. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $33.79.

Cadence Bank Price Performance

CADE opened at $33.53 on Wednesday. The company’s 50 day simple moving average is $28.96 and its 200 day simple moving average is $28.29. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.85 and a current ratio of 0.86. Cadence Bank has a 1 year low of $19.67 and a 1 year high of $34.13. The stock has a market capitalization of $6.11 billion, a PE ratio of 10.71 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $742.87 million for the quarter, compared to analysts’ expectations of $439.63 million. During the same period last year, the company earned $0.64 earnings per share. As a group, sell-side analysts expect that Cadence Bank will post 2.51 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.98%. Cadence Bank’s payout ratio is currently 31.95%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CADE. GAMMA Investing LLC increased its stake in shares of 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 buying an additional 436 shares during the last quarter. Wolverine Asset Management LLC increased its stake in shares of 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 buying an additional 952 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of Cadence Bank in the first quarter worth $34,000. Moody Lynn & Lieberson LLC bought a new stake in shares of Cadence Bank in the fourth quarter worth $205,000. Finally, Argent Advisors Inc. bought a new stake in shares of Cadence Bank in the first quarter worth $204,000. 84.61% of the stock is 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.