Truist Financial Boosts Cadence Bank (NYSE:CADE) Price Target to $38.00

Cadence Bank (NYSE:CADE) had its target price upped by Truist Financial from $37.00 to $38.00 in a report released on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other analysts have also commented on CADE. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Barclays lifted their price target on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday. Hovde Group increased their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Royal Bank of Canada upped their price target 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. Finally, Jefferies Financial Group decreased their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Stock Performance

CADE stock opened at $33.09 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The firm has a market cap of $6.03 billion, a PE ratio of 10.57 and a beta of 0.96. The business has a 50 day moving average of $31.83 and a 200-day moving average of $29.97. Cadence Bank has a 12-month low of $20.52 and a 12-month high of $34.25.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the prior year, the company earned $0.56 EPS. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Bank will post 2.57 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.02%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 31.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. New York State Teachers Retirement System boosted its stake in Cadence Bank by 0.8% during the third quarter. New York State Teachers Retirement System now owns 223,359 shares of the company’s stock valued at $7,114,000 after buying an additional 1,762 shares during the period. Arbor Investment Advisors LLC raised its holdings in shares of Cadence Bank by 7.4% in the 3rd quarter. Arbor Investment Advisors LLC now owns 77,246 shares of the company’s stock valued at $2,460,000 after acquiring an additional 5,329 shares in the last quarter. Leuthold Group LLC bought a new stake in shares of Cadence Bank during the 3rd quarter valued at about $2,743,000. State of Alaska Department of Revenue grew its holdings in shares of Cadence Bank by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 21,160 shares of the company’s stock worth $673,000 after purchasing an additional 1,435 shares in the last quarter. Finally, Moody Lynn & Lieberson LLC bought a new position in shares of Cadence Bank in the third quarter worth approximately $220,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.