Cadence Bank (NYSE:CADE) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Cadence Bank (NYSE:CADE) have received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $38.14.

Several research firms recently commented on CADE. DA Davidson increased their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research note on Friday. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Truist Financial increased their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CADE. V Square Quantitative Management LLC bought a new stake in Cadence Bank in the third quarter worth $25,000. Brooklyn Investment Group acquired a new stake in shares of Cadence Bank in the fourth quarter worth about $26,000. Point72 Hong Kong Ltd acquired a new stake in shares of Cadence Bank in the third quarter worth about $32,000. GAMMA Investing LLC boosted its stake in shares of Cadence Bank by 55.8% during 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 in the last quarter. Finally, TD Private Client Wealth LLC increased its holdings in shares of Cadence Bank by 23.0% during the 3rd 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 during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

NYSE CADE opened at $35.13 on Friday. The firm has a market capitalization of $6.40 billion, a PE ratio of 12.68 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a 12 month low of $24.99 and a 12 month high of $40.20. The company’s 50 day simple moving average is $35.98 and its 200 day simple moving average is $33.56.

Cadence Bank (NYSE:CADE) last announced its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 9.98% and a net margin of 18.03%. During the same quarter in the previous year, the company earned $0.40 earnings per share. As a group, equities research analysts forecast that Cadence Bank will post 2.87 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.13%. The ex-dividend date is Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is presently 39.71%.

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.