Cadence Bank (NYSE:CADE) Receives $37.32 Consensus Target Price from Brokerages

Shares of Cadence Bank (NYSE:CADE) have been assigned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $37.32.

Several research firms recently commented on CADE. Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada increased their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods upped their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, DA Davidson lifted their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd.

Cadence Bank Stock Performance

Shares of NYSE CADE opened at $34.73 on Wednesday. The company has a 50-day simple moving average of $36.33 and a 200-day simple moving average of $32.95. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $6.33 billion, a PE ratio of 9.98 and a beta of 1.00. Cadence Bank has a 12 month low of $24.99 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the previous year, the company earned $0.56 EPS. Cadence Bank’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.88%. Cadence Bank’s dividend payout ratio (DPR) is 28.74%.

Institutional Trading of Cadence Bank

Large investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC purchased a new stake in shares of Cadence Bank in the third quarter worth about $25,000. Point72 Hong Kong Ltd acquired a new position in Cadence Bank during the 3rd quarter worth approximately $32,000. GAMMA Investing LLC boosted its holdings in Cadence Bank by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after acquiring an additional 559 shares during the period. TD Private Client Wealth LLC grew its position in Cadence Bank by 23.0% in the third quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after acquiring an additional 926 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after purchasing an additional 519 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.