Cadence Bank (NYSE:CADE) Price Target Increased to $39.00 by Analysts at DA Davidson

Cadence Bank (NYSE:CADE) had its price target upped by DA Davidson from $34.50 to $39.00 in a research note published on Wednesday, Benzinga reports. They currently have a buy rating on the stock. DA Davidson also issued estimates for Cadence Bank’s Q3 2024 earnings at $0.65 EPS.

Other equities research analysts also recently issued research reports about the company. 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. Piper Sandler downgraded Cadence Bank from an overweight rating to a neutral rating and lifted their target price for the company from $33.00 to $34.00 in a research report on Wednesday. Jefferies Financial Group reduced their target price on 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 reiterated an overweight rating and issued a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Finally, Truist Financial boosted their price objective on Cadence Bank from $31.00 to $38.00 and gave the company a buy rating in a report on Wednesday. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $33.79.

Cadence Bank Stock Performance

NYSE CADE opened at $33.51 on Wednesday. The stock’s fifty day moving average is $28.96 and its two-hundred day moving average is $28.29. The firm has a market capitalization of $6.11 billion, a P/E ratio of 10.71 and a beta of 0.98. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.85 and a current ratio of 0.86. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, research analysts anticipate that Cadence Bank will post 2.55 earnings per share for the current year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 2.98%. Cadence Bank’s payout ratio is 31.95%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its stake in Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after purchasing an additional 376,989 shares in the last quarter. Halter Ferguson Financial Inc. acquired a new position in Cadence Bank during the 4th quarter worth $3,023,000. Vanguard Group Inc. boosted its position in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after acquiring an additional 940,895 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Cadence Bank by 49.4% during the 4th quarter. New York State Common Retirement Fund now owns 112,255 shares of the company’s stock worth $3,322,000 after acquiring an additional 37,129 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Cadence Bank by 32.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock worth $1,998,000 after acquiring an additional 16,850 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

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.