Cadence Bank (NYSE:CADE) PT Lowered to $29.00

Cadence Bank (NYSE:CADE) had its target price dropped by stock analysts at Jefferies Financial Group from $31.00 to $29.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 2.84% from the stock’s previous close.

A number of other research firms also recently commented on CADE. Stephens restated an “overweight” rating and set a $33.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 23rd. Truist Financial boosted their price target on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Hovde Group upgraded shares of Cadence Bank from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $32.50 to $33.00 in a research note on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.18.

Cadence Bank Stock Down 1.4 %

NYSE:CADE opened at $28.20 on Wednesday. The stock has a 50-day simple moving average of $28.33 and a 200 day simple moving average of $28.14. Cadence Bank has a 52-week low of $19.00 and a 52-week high of $31.45. The company has a market cap of $5.14 billion, a PE ratio of 9.01 and a beta of 0.98. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the business earned $0.68 EPS. On average, sell-side analysts expect that Cadence Bank will post 2.48 EPS for the current fiscal year.

Institutional Trading of Cadence Bank

Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after buying an additional 376,989 shares during the period. Halter Ferguson Financial Inc. bought a new position in Cadence Bank during the fourth quarter worth about $3,023,000. American Century Companies Inc. increased its position in Cadence Bank by 35.7% during the third quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock worth $26,697,000 after acquiring an additional 331,097 shares during the period. Comerica Bank acquired a new stake in Cadence Bank in the 3rd quarter worth about $5,177,000. Finally, Wellington Management Group LLP boosted its holdings in Cadence Bank by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after purchasing an additional 1,063,055 shares during the period. 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.