Cadence Bank (NYSE:CADE) Given Average Recommendation of “Moderate Buy” by Brokerages

Cadence Bank (NYSE:CADE) has been assigned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $37.32.

CADE has been the topic of several research analyst reports. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Truist Financial lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. DA Davidson upped their price target on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada lifted their price objective 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. Finally, Keefe, Bruyette & Woods upped their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

Cadence Bank Stock Performance

NYSE:CADE opened at $34.45 on Wednesday. The stock has a market capitalization of $6.28 billion, a P/E ratio of 9.90 and a beta of 0.98. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The firm has a 50 day moving average of $36.24 and a 200-day moving average of $32.65. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04.

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

Cadence Bank Dividend Announcement

The firm also recently disclosed 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. This represents a $1.00 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, December 13th. Cadence Bank’s payout ratio is presently 28.74%.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors have recently modified their holdings of CADE. Geode Capital Management LLC increased its stake in Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after purchasing an additional 39,679 shares in the last quarter. Cerity Partners LLC increased its position in shares of Cadence Bank by 31.2% during the third quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock worth $2,050,000 after acquiring an additional 15,312 shares in the last quarter. Stifel Financial Corp raised its holdings in shares of Cadence Bank by 18.1% during the third quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock worth $670,000 after acquiring an additional 3,218 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after acquiring an additional 291,885 shares in the last quarter. Finally, Natixis Advisors LLC lifted its position in Cadence Bank by 8.0% in the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock valued at $11,860,000 after acquiring an additional 30,945 shares in the last quarter. Institutional investors own 84.61% of the company’s stock.

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.