Cadence Bank (NYSE:CADE) Price Target Raised to $40.00 at DA Davidson

Cadence Bank (NYSE:CADE) had its target price boosted by DA Davidson from $36.00 to $40.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

CADE has been the subject of a number of other reports. Truist Financial increased their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday. Jefferies Financial Group decreased 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. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Barclays raised their price objective on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Royal Bank of Canada boosted their price objective on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Trading Down 0.5 %

Cadence Bank stock opened at $33.82 on Wednesday. Cadence Bank has a 52 week low of $19.94 and a 52 week high of $34.25. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $6.16 billion, a PE ratio of 10.81 and a beta of 0.96. The business’s 50-day simple moving average is $31.71 and its 200-day simple moving average is $29.91.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.56 earnings per share. Equities research analysts forecast that Cadence Bank will post 2.57 earnings per share for the current year.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in Cadence Bank by 19.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock valued at $429,000 after buying an additional 2,376 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in Cadence Bank by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock worth $51,034,000 after acquiring an additional 227,395 shares during the last quarter. State of Michigan Retirement System increased its holdings in Cadence Bank by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock valued at $1,299,000 after purchasing an additional 1,000 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Cadence Bank by 5.4% during the 1st quarter. Principal Financial Group Inc. now owns 826,476 shares of the company’s stock valued at $23,968,000 after purchasing an additional 42,267 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its stake in Cadence Bank by 0.3% in the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock worth $6,652,000 after purchasing an additional 602 shares in the last quarter. Institutional investors and hedge funds 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.