Cadence Bank (NYSE:CADE) Rating Reiterated by Stephens

Cadence Bank (NYSE:CADE)‘s stock had its “overweight” rating reissued by equities research analysts at Stephens in a report released on Tuesday, Benzinga reports. They presently have a $33.00 price target on the stock. Stephens’ target price points to a potential upside of 15.71% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Jefferies Financial Group lowered their price objective on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Barclays began coverage on Cadence Bank in a report on Friday, March 8th. They set an “equal weight” rating and a $28.00 price objective for the company. Citigroup lifted their price objective on Cadence Bank from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, December 29th. Hovde Group cut Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price objective for the company. in a report on Tuesday, January 30th. Finally, Raymond James cut their price objective on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 31st. Six analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.75.

Cadence Bank Stock Performance

CADE stock traded up $0.78 during midday trading on Tuesday, hitting $28.52. 529,840 shares of the company traded hands, compared to its average volume of 1,359,007. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $31.45. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The business has a 50 day simple moving average of $27.56 and a 200-day simple moving average of $26.46. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of 9.86 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, April 22nd. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The company had revenue of $437.69 million for the quarter, compared to the consensus estimate of $427.18 million. During the same quarter last year, the company posted $0.68 earnings per share. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, equities research analysts predict that Cadence Bank will post 2.38 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its position in shares of Cadence Bank by 8.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after buying an additional 524 shares during the period. Sheets Smith Wealth Management lifted its stake in Cadence Bank by 3.8% in the 3rd quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock valued at $345,000 after acquiring an additional 589 shares in the last quarter. AlphaMark Advisors LLC raised its stake in shares of Cadence Bank by 6.8% during the 4th quarter. AlphaMark Advisors LLC now owns 11,482 shares of the company’s stock worth $340,000 after purchasing an additional 728 shares in the last quarter. Retirement Systems of Alabama raised its stake in shares of Cadence Bank by 0.3% during the 4th quarter. Retirement Systems of Alabama now owns 228,778 shares of the company’s stock worth $6,770,000 after purchasing an additional 754 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Cadence Bank by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 52,032 shares of the company’s stock worth $1,104,000 after acquiring an additional 789 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.