Brokerages Set Cadence Bank (NYSE:CADE) PT at $42.33

Shares of Cadence Bank (NYSE:CADE) have been assigned a consensus rating of “Hold” from the eleven ratings firms that are presently covering the firm, MarketBeat reports. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $42.3333.

Several research analysts recently issued reports on CADE shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, October 8th. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the stock a “neutral” rating in a research note on Monday, October 27th. Morgan Stanley downgraded shares of Cadence Bank from an “overweight” rating to a “sell” rating in a report on Tuesday, October 28th. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and boosted their price target for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Finally, Royal Bank Of Canada upgraded shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a research note on Monday, October 27th.

Cadence Bank Price Performance

NYSE:CADE opened at $43.64 on Wednesday. Cadence Bank has a one year low of $25.22 and a one year high of $44.26. The company has a market cap of $7.95 billion, a PE ratio of 15.81 and a beta of 0.97. The firm has a 50-day moving average of $39.25 and a 200-day moving average of $36.66.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.04. The business had revenue of $517.24 million for the quarter, compared to analysts’ expectations of $523.60 million. Cadence Bank had a net margin of 18.15% and a return on equity of 9.97%. During the same quarter last year, the firm earned $0.73 EPS. On average, equities research analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Monday, December 15th. Cadence Bank’s dividend payout ratio (DPR) is 39.86%.

Institutional Investors Weigh In On Cadence Bank

Large investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL boosted its position in shares of Cadence Bank by 77.1% in the second quarter. Gamco Investors INC. ET AL now owns 148,550 shares of the company’s stock valued at $4,751,000 after acquiring an additional 64,690 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Cadence Bank in the 2nd quarter worth approximately $8,835,000. Voya Investment Management LLC boosted its holdings in Cadence Bank by 25.5% in the 1st quarter. Voya Investment Management LLC now owns 205,461 shares of the company’s stock valued at $6,238,000 after purchasing an additional 41,764 shares during the period. Strs Ohio purchased a new position in shares of Cadence Bank during the 1st quarter valued at $580,000. Finally, Nordea Investment Management AB increased its holdings in shares of Cadence Bank by 1.6% in the second quarter. Nordea Investment Management AB now owns 101,585 shares of the company’s stock worth $3,266,000 after purchasing an additional 1,560 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.