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

Cadence Bank (NYSE:CADE) has received an average recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $31.00.

CADE has been the topic of a number of research analyst reports. Jefferies Financial Group lowered their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Stephens reissued an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a report on Tuesday, April 23rd. Royal Bank of Canada reaffirmed 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 upped their price objective on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Finally, Truist Financial dropped their target price on Cadence Bank from $33.00 to $31.00 and set a “buy” rating on the stock in a research report on Monday, July 8th.

Cadence Bank Stock Up 0.6 %

CADE stock opened at $29.75 on Wednesday. The stock has a market capitalization of $5.42 billion, a P/E ratio of 9.50 and a beta of 0.98. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $31.45. The business has a fifty day moving average price of $28.34 and a 200-day moving average price of $28.05.

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

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.36%. The ex-dividend date was Friday, June 14th. Cadence Bank’s dividend payout ratio is 31.95%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Chickasaw Capital Management LLC bought a new position in Cadence Bank in the 2nd quarter worth approximately $369,000. GAMMA Investing LLC boosted its position in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the last quarter. Tidal Investments LLC purchased a new position in Cadence Bank during the first quarter valued at $209,000. Lavaca Capital LLC purchased a new position in Cadence Bank during the first quarter valued at $207,000. Finally, Lazard Asset Management LLC increased its holdings in Cadence Bank by 125.0% in the 1st quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock valued at $236,000 after acquiring an additional 4,545 shares during the last quarter. 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.