Cadence Bank (NYSE:CADE) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Cadence Bank (NYSE:CADE) have been given a consensus rating of “Moderate Buy” by the twelve research firms that are currently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $34.46.

CADE has been the topic of a number of recent research reports. DA Davidson lifted their target price on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Royal Bank of Canada boosted their price target on Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Stephens reissued an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research report on Tuesday, July 23rd. Finally, Barclays boosted their price target on Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors have recently made changes to their positions in CADE. Creative Planning lifted its stake in Cadence Bank by 65.4% during the second quarter. Creative Planning now owns 32,176 shares of the company’s stock worth $910,000 after purchasing an additional 12,723 shares during the last quarter. Algert Global LLC bought a new stake in Cadence Bank during the second quarter worth $520,000. AQR Capital Management LLC lifted its stake in Cadence Bank by 74.2% during the second quarter. AQR Capital Management LLC now owns 30,254 shares of the company’s stock worth $856,000 after purchasing an additional 12,887 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Cadence Bank during the second quarter worth $670,000. Finally, Sei Investments Co. lifted its stake in Cadence Bank by 49.7% during the second quarter. Sei Investments Co. now owns 75,128 shares of the company’s stock worth $2,125,000 after purchasing an additional 24,950 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Price Performance

NYSE:CADE opened at $31.99 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s 50-day simple moving average is $31.37 and its 200 day simple moving average is $29.27. The company has a market cap of $5.83 billion, a P/E ratio of 10.22 and a beta of 0.97. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) 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 return on equity of 8.82% and a net margin of 24.42%. During the same quarter in the previous year, the business earned $0.64 earnings per share. As a group, sell-side analysts forecast that Cadence Bank will post 2.56 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is currently 31.95%.

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.