Truist Financial Trims Cadence Bank (NYSE:CADE) Target Price to $31.00

Cadence Bank (NYSE:CADE) had its price target reduced by Truist Financial from $33.00 to $31.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a buy rating on the stock.

CADE has been the topic of several other reports. Hovde Group upgraded shares of Cadence Bank from a market perform rating to an outperform rating and boosted their price objective for the company from $32.50 to $33.00 in a report on Wednesday, April 24th. Royal Bank of Canada restated a sector perform rating and issued a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a research report on Wednesday, April 24th. Barclays lifted their target price on Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a research report on Monday, June 24th. Finally, Jefferies Financial Group dropped their target price on Cadence Bank from $31.00 to $29.00 and set a hold rating for the company in a research report on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $31.00.

Cadence Bank Stock Up 3.4 %

NYSE CADE opened at $29.58 on Monday. Cadence Bank has a 52 week low of $19.67 and a 52 week high of $31.45. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The business’s fifty day simple moving average is $28.32 and its 200-day simple moving average is $28.08. The firm has a market cap of $5.39 billion, a PE ratio of 9.45 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The business had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same quarter in the previous year, the firm earned $0.68 EPS. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, equities analysts anticipate that Cadence Bank will post 2.48 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Friday, June 14th. Cadence Bank’s dividend payout ratio is currently 31.95%.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Cadence Bank during the fourth quarter worth approximately $60,490,000. Wellington Management Group LLP raised its stake in shares of Cadence Bank by 15.7% during the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after purchasing an additional 1,063,055 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after purchasing an additional 940,895 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Cadence Bank by 81.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after purchasing an additional 687,025 shares during the last quarter. Finally, Ranger Investment Management L.P. raised its stake in shares of Cadence Bank by 59.4% during the fourth quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after purchasing an additional 393,037 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

About Cadence Bank

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.