Cadence Bank (NYSE:CADE) PT Lowered to $37.00 at Truist Financial

Cadence Bank (NYSE:CADE) had its price objective reduced by Truist Financial from $38.00 to $37.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 14.52% from the stock’s previous close.

Several other research firms have also recently weighed in on CADE. Morgan Stanley lifted their price objective on Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and raised their target price for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Stephens reaffirmed an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research report on Tuesday, July 23rd. Barclays lifted their price objective on shares of Cadence Bank from $30.00 to $33.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 24th. Finally, Hovde Group upped their target price on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.46.

Cadence Bank Trading Down 1.0 %

NYSE:CADE traded down $0.33 during mid-day trading on Friday, hitting $32.31. The company had a trading volume of 701,124 shares, compared to its average volume of 1,317,723. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13. The firm has a market cap of $5.89 billion, a P/E ratio of 10.32 and a beta of 0.97. The business’s fifty day moving average is $31.33 and its two-hundred day moving average is $29.23.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The business had revenue of $742.87 million for the quarter, compared to the consensus estimate of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same period last year, the company posted $0.64 EPS. As a group, research analysts expect that Cadence Bank will post 2.56 earnings per share for the current year.

Institutional Trading of Cadence Bank

Several hedge funds have recently added to or reduced their stakes in CADE. Norges Bank acquired a new position in Cadence Bank in the 4th quarter valued at $60,490,000. Vanguard Group Inc. increased its position in Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after acquiring an additional 940,895 shares during the period. Dimensional Fund Advisors LP raised its stake in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Cadence Bank by 7.3% in the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after purchasing an additional 574,633 shares during the period. Finally, Ranger Investment Management L.P. grew its position in shares of Cadence Bank by 59.4% during the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after purchasing an additional 393,037 shares in the last quarter. 84.61% of the stock is 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.