Cadence Bank (NYSE:CADE) Price Target Lowered to $37.00 at Truist Financial

Cadence Bank (NYSE:CADE) had its price target trimmed by Truist Financial from $38.00 to $37.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts have also weighed in on CADE. Jefferies Financial Group cut their price objective 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. Royal Bank of Canada upped their price target on Cadence Bank from $31.00 to $35.00 and gave the stock a sector perform rating in a report on Wednesday, July 24th. DA Davidson lifted their price objective on Cadence Bank from $34.50 to $39.00 and gave the company a buy rating in a research note on Wednesday, July 24th. Hovde Group boosted their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an outperform rating in a research report on Wednesday, July 24th. Finally, Barclays raised their target price on shares of Cadence Bank from $30.00 to $33.00 and gave the company an equal weight rating in a report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of Moderate Buy and an average price target of $34.46.

Cadence Bank Price Performance

CADE stock opened at $31.99 on Friday. The business’s fifty day moving average price is $31.37 and its 200 day moving average price is $29.27. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13. The company has a market capitalization of $5.83 billion, a PE ratio of 10.22 and a beta of 0.97. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same quarter last year, the firm posted $0.64 earnings per share. On average, sell-side analysts anticipate that Cadence Bank will post 2.56 EPS for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.13%. Cadence Bank’s dividend payout ratio is presently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares in the last quarter. AlphaMark Advisors LLC grew its stake in Cadence Bank by 5.6% during the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after buying an additional 579 shares during the last quarter. Retirement Systems of Alabama increased its position in Cadence Bank by 0.3% during the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock worth $6,652,000 after buying an additional 602 shares during the period. Russell Investments Group Ltd. lifted its stake in Cadence Bank by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after buying an additional 689 shares during the last quarter. Finally, Arizona State Retirement System boosted its holdings in shares of Cadence Bank by 1.9% in the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock valued at $1,447,000 after acquiring an additional 938 shares during the period. 84.61% of the stock is currently 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.