Cadence Bank (NYSE:CADE) Price Target Increased to $40.00 by Analysts at DA Davidson

Cadence Bank (NYSE:CADE) had its target price upped by DA Davidson from $36.00 to $40.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s target price points to a potential upside of 17.99% from the company’s current price. DA Davidson also issued estimates for Cadence Bank’s Q4 2024 earnings at $0.69 EPS.

A number of other brokerages have also recently weighed in on CADE. Stephens reiterated an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. 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 note on Wednesday, July 24th. Barclays boosted their price objective on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday. Hovde Group boosted their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Price Performance

CADE stock opened at $33.90 on Wednesday. The business has a 50 day moving average price of $31.78 and a 200 day moving average price of $29.94. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 10.83 and a beta of 0.96. Cadence Bank has a fifty-two week low of $19.94 and a fifty-two week high of $34.25. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the period. AlphaMark Advisors LLC grew its holdings in Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after acquiring an additional 579 shares during the period. Retirement Systems of Alabama grew its holdings 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 acquiring an additional 602 shares during the period. Russell Investments Group Ltd. grew its holdings in Cadence Bank by 0.3% during the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock worth $6,681,000 after acquiring an additional 689 shares during the period. Finally, V Square Quantitative Management LLC acquired a new position in Cadence Bank during the third quarter worth $25,000. 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.