Barclays Increases Cadence Bank (NYSE:CADE) Price Target to $37.00

Cadence Bank (NYSE:CADE) had its price target raised by equities researchers at Barclays from $35.00 to $37.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 9.14% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Piper Sandler downgraded shares of 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, July 24th. Truist Financial dropped their price objective on Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Hovde Group lifted 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. Jefferies Financial Group lowered their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a report on Wednesday, July 3rd. Finally, Royal Bank of Canada lifted their price target on Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. Five investment 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

Cadence Bank Stock Performance

NYSE CADE opened at $33.90 on Wednesday. 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 business’s 50 day moving average is $31.78 and its two-hundred day moving average is $29.94. Cadence Bank has a 12-month low of $19.94 and a 12-month high of $34.25. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 10.83 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The firm had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the prior year, the company posted $0.56 earnings per share. Cadence Bank’s quarterly revenue was up 11.0% on a year-over-year basis. Research analysts expect that Cadence Bank will post 2.57 EPS for the current year.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds have recently modified their holdings of CADE. GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares during the period. AlphaMark Advisors LLC boosted its holdings in shares of Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after purchasing an additional 579 shares during the last quarter. Retirement Systems of Alabama grew its position in shares of Cadence Bank by 0.3% in the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after purchasing an additional 602 shares during the period. Russell Investments Group Ltd. increased its stake in Cadence Bank by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after purchasing an additional 689 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in Cadence Bank in the third quarter valued at $25,000. 84.61% of the stock is owned by institutional investors and hedge funds.

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.