Cadence Bank (NYSE:CADE) Raised to Outperform at Hovde Group

Cadence Bank (NYSE:CADE) was upgraded by research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $33.00 price objective on the stock, up from their prior price objective of $32.50. Hovde Group’s target price would indicate a potential upside of 14.21% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada restated a “sector perform” rating and issued a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Stephens restated an “overweight” rating and issued a $33.00 price target on shares of Cadence Bank in a research note on Tuesday. Jefferies Financial Group decreased their price objective on Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Citigroup upped their price objective on Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, December 29th. Finally, Morgan Stanley upped their price objective on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and an average price target of $30.80.

Cadence Bank Trading Up 4.2 %

Shares of Cadence Bank stock opened at $28.90 on Wednesday. Cadence Bank has a 12-month low of $16.95 and a 12-month high of $31.45. The stock has a market cap of $5.28 billion, a P/E ratio of 9.93 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $27.62 and its 200-day moving average is $26.51.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The company had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. During the same quarter in the prior year, the business posted $0.68 EPS. The business’s revenue was up 12.6% compared to the same quarter last year. Equities research analysts predict that Cadence Bank will post 2.38 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

Several institutional investors and hedge funds have recently modified their holdings of CADE. Norges Bank bought a new stake in shares of Cadence Bank during the 4th quarter worth $60,490,000. Wellington Management Group LLP lifted its position in shares of Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after buying an additional 1,063,055 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its position in Cadence Bank by 81.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after purchasing an additional 687,025 shares during the last quarter. Ranger Investment Management L.P. raised its position in Cadence Bank by 59.4% in the fourth quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock valued at $31,205,000 after purchasing an additional 393,037 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Cadence Bank by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after purchasing an additional 376,989 shares during the last quarter. 84.61% of the stock is currently 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.