Barclays Boosts Cadence Bank (NYSE:CADE) Price Target to $33.00

Cadence Bank (NYSE:CADE) had its price objective hoisted by Barclays from $30.00 to $33.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other analysts also recently issued research reports about the company. Piper Sandler downgraded Cadence Bank from an overweight rating to a neutral rating and boosted their price objective for the stock from $33.00 to $34.00 in a report on Wednesday. Stephens restated an overweight rating and set a $35.00 price objective on shares of Cadence Bank in a report on Tuesday. Jefferies Financial Group cut their price objective on Cadence Bank from $31.00 to $29.00 and set a hold rating on the stock in a report on Wednesday, July 3rd. Truist Financial boosted their price objective on Cadence Bank from $31.00 to $38.00 and gave the stock a buy rating in a report on Wednesday. Finally, Royal Bank of Canada boosted their price objective on Cadence Bank from $31.00 to $35.00 and gave the stock a sector perform rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $33.79.

Cadence Bank Stock Performance

CADE stock opened at $33.53 on Wednesday. The company has a market capitalization of $6.11 billion, a P/E ratio of 10.71 and a beta of 0.98. The company has a 50-day simple moving average of $28.96 and a 200 day simple moving average of $28.29. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $742.87 million for the quarter, compared to analysts’ expectations of $439.63 million. During the same period in the previous year, the business earned $0.64 earnings per share. Sell-side analysts predict that Cadence Bank will post 2.51 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 2.98%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently bought and sold shares of CADE. GAMMA Investing LLC grew its stake in Cadence Bank by 77.0% during 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 in the last quarter. Wolverine Asset Management LLC grew its stake in shares of Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after buying an additional 952 shares in the last quarter. Rise Advisors LLC bought a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $34,000. Argent Advisors Inc. bought a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $204,000. Finally, Moody Lynn & Lieberson LLC bought a new stake in shares of Cadence Bank in the 4th quarter valued at approximately $205,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Company Profile

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.