Cadence Bank (NYSE:CADE) Receives $38.50 Average PT from Brokerages

Cadence Bank (NYSE:CADE) has earned a consensus rating of “Moderate Buy” from the eleven research firms that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $38.50.

A number of research analysts have issued reports on CADE shares. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $41.00 to $44.00 in a research note on Thursday, December 19th. Stephens restated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research note on Thursday, January 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Citigroup increased their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th.

Cadence Bank Trading Down 0.1 %

Shares of Cadence Bank stock opened at $32.46 on Thursday. Cadence Bank has a 12-month low of $26.16 and a 12-month high of $40.20. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 11.72 and a beta of 0.99. The firm’s 50 day simple moving average is $34.66 and its two-hundred day simple moving average is $34.09.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the business posted $0.40 EPS. On average, sell-side analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.39%. Cadence Bank’s dividend payout ratio is 39.71%.

Institutional Trading of Cadence Bank

A number of hedge funds have recently added to or reduced their stakes in CADE. Brooklyn Investment Group purchased a new stake in Cadence Bank during the fourth quarter worth $26,000. Mather Group LLC. lifted its holdings in Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares in the last quarter. Keystone Financial Group Inc. purchased a new position in Cadence Bank during the fourth quarter valued at $31,000. Point72 Hong Kong Ltd purchased a new position in Cadence Bank during the third quarter valued at $32,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after buying an additional 722 shares in the last quarter. 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.