Cadence Bank (NYSE:CADE) Receives $36.63 Consensus Price Target from Brokerages

Cadence Bank (NYSE:CADE) has been assigned an average recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $36.63.

A number of equities analysts have recently commented on CADE shares. Royal Bank of Canada raised their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price objective on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays lifted their price objective on Cadence Bank from $37.00 to $41.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Finally, DA Davidson lifted their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd.

Cadence Bank Price Performance

Cadence Bank stock opened at $37.09 on Friday. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The business has a fifty day moving average price of $35.21 and a 200-day moving average price of $31.89. 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 firm has a market capitalization of $6.76 billion, a P/E ratio of 10.66 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last posted 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 8.95% and a net margin of 25.99%. The firm had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same period last year, the company earned $0.56 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, equities research analysts forecast that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.70%. Cadence Bank’s dividend payout ratio is currently 28.74%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CADE. Dimensional Fund Advisors LP increased its holdings in Cadence Bank by 6.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after purchasing an additional 593,878 shares during the period. Point72 Asset Management L.P. bought a new stake in Cadence Bank during the 3rd quarter valued at approximately $11,727,000. Vaughan Nelson Investment Management L.P. boosted its position in Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after acquiring an additional 291,885 shares in the last quarter. Segall Bryant & Hamill LLC boosted its position in Cadence Bank by 21.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after acquiring an additional 237,748 shares in the last quarter. Finally, FMR LLC boosted its position in Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after acquiring an additional 195,773 shares in the last quarter. Hedge funds and other institutional investors 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.