Cadence Bank (NYSE:CADE) PT Lowered to $31.00

Cadence Bank (NYSE:CADE) had its price target cut by investment analysts at Truist Financial from $33.00 to $31.00 in a report released on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 10.32% from the stock’s previous close.

Several other research firms have also recently issued reports on CADE. Royal Bank of Canada reiterated a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a research note on Tuesday, April 9th. Jefferies Financial Group dropped their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Barclays boosted their target price on Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a report on Monday, June 24th. Finally, Stephens reaffirmed an “overweight” rating and issued a $33.00 price target on shares of Cadence Bank in a report on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Cadence Bank Stock Up 1.7 %

Shares of NYSE CADE opened at $28.10 on Monday. Cadence Bank has a 12-month low of $19.42 and a 12-month high of $31.45. The stock’s fifty day simple moving average is $28.30 and its two-hundred day simple moving average is $28.07. The stock has a market capitalization of $5.12 billion, a PE ratio of 8.98 and a beta of 0.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last announced its earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. During the same period in the previous year, the company posted $0.68 earnings per share. The firm’s revenue was up 12.6% on a year-over-year basis. As a group, analysts expect that Cadence Bank will post 2.48 EPS for the current fiscal year.

Institutional Trading of Cadence Bank

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares during the last quarter. Wolverine Asset Management LLC increased its stake in Cadence Bank by 952.0% in the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after purchasing an additional 952 shares during the last quarter. Rise Advisors LLC acquired a new stake in Cadence Bank during the first quarter worth approximately $34,000. Moody Lynn & Lieberson LLC purchased a new stake in shares of Cadence Bank during the 4th quarter worth approximately $205,000. Finally, Argent Advisors Inc. acquired a new position in shares of Cadence Bank in the 1st quarter valued at $204,000. Institutional investors and hedge funds 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.