Cadence Bank (NYSE:CADE) Upgraded to “Overweight” at Barclays

Barclays upgraded shares of Cadence Bank (NYSE:CADE) from an equal weight rating to an overweight rating in a research report report published on Thursday, Marketbeat reports. They currently have $44.00 price target on the stock, up from their previous price target of $41.00.

CADE has been the topic of several other reports. Royal Bank of Canada boosted their target price on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. DA Davidson lifted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial upped their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus target price of $36.88.

Cadence Bank Stock Performance

CADE stock opened at $34.08 on Thursday. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The firm has a market cap of $6.21 billion, a price-to-earnings ratio of 9.79 and a beta of 0.98. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a 50-day simple moving average of $36.04 and a two-hundred day simple moving average of $32.30.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter in the prior year, the company posted $0.56 earnings per share. Cadence Bank’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities analysts forecast that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.93%. The ex-dividend date is Friday, December 13th. Cadence Bank’s payout ratio is 28.74%.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors have recently modified their holdings of CADE. V Square Quantitative Management LLC acquired a new stake in Cadence Bank during the third quarter worth about $25,000. Point72 Hong Kong Ltd purchased a new stake in Cadence Bank in the 3rd quarter worth approximately $32,000. GAMMA Investing LLC grew its stake in shares of Cadence Bank by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after purchasing an additional 559 shares during the period. Innealta Capital LLC purchased a new position in shares of Cadence Bank during the 2nd quarter valued at approximately $138,000. Finally, TD Private Client Wealth LLC lifted its stake in shares of Cadence Bank by 23.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after purchasing an additional 926 shares during the period. 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.