Cadence Bank (NYSE:CADE) Receives Average Rating of “Moderate Buy” from Analysts

Cadence Bank (NYSE:CADE) has received a consensus recommendation of “Moderate Buy” from the twelve brokerages that are currently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $34.54.

Several equities research analysts have recently weighed in on the company. Barclays increased their price target on Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Truist Financial raised their price objective on Cadence Bank from $31.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Royal Bank of Canada raised 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, July 24th. Finally, Jefferies Financial Group reduced 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.

Cadence Bank Price Performance

NYSE:CADE opened at $29.70 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $5.41 billion, a P/E ratio of 9.49 and a beta of 0.98. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $34.13. The business’s 50-day moving average is $29.39 and its 200 day moving average is $28.44.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. The company 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 period in the previous year, the business earned $0.64 earnings per share. On average, equities research analysts forecast that Cadence Bank will post 2.54 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 3.37%. Cadence Bank’s payout ratio is currently 31.95%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CADE. GAMMA Investing LLC boosted its position in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the last quarter. Wolverine Asset Management LLC increased its position 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 worth $31,000 after purchasing an additional 952 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of Cadence Bank in the 1st quarter worth about $34,000. Innealta Capital LLC bought a new stake in shares of Cadence Bank during the 2nd quarter valued at about $138,000. Finally, Argent Advisors Inc. bought a new stake in shares of Cadence Bank during the 1st quarter valued at about $204,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.