Cadence Bank (NYSE:CADE) Upgraded at Barclays

Barclays upgraded shares of Cadence Bank (NYSE:CADE) from an equal weight rating to an overweight rating in a research report report published on Thursday morning, Marketbeat Ratings reports. Barclays currently has $44.00 price objective on the stock, up from their prior price objective of $41.00.

Several other research analysts also recently commented on the company. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Truist Financial increased their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price 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. DA Davidson raised their price target on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada increased their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average price target of $36.88.

Cadence Bank Price Performance

NYSE CADE opened at $34.08 on Thursday. The stock has a 50-day moving average of $36.04 and a 200 day moving average of $32.30. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 9.79 and a beta of 0.98. Cadence Bank has a one year low of $24.99 and a one year high of $40.20.

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

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.93%. Cadence Bank’s dividend payout ratio is presently 28.74%.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently modified their holdings of CADE. Franklin Resources Inc. purchased a new stake in Cadence Bank in the third quarter worth $947,000. Synovus Financial Corp purchased a new stake in Cadence Bank in the third quarter worth about $848,000. Tidal Investments LLC increased its position in Cadence Bank by 8.1% during the 3rd quarter. Tidal Investments LLC now owns 9,769 shares of the company’s stock valued at $311,000 after purchasing an additional 730 shares during the period. TD Private Client Wealth LLC raised its holdings in shares of Cadence Bank by 23.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after purchasing an additional 926 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of Cadence Bank by 4.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 166,269 shares of the company’s stock worth $5,296,000 after purchasing an additional 6,992 shares during the period. 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.