Cadence Bank (NYSE:CADE) Given New $29.00 Price Target at Barclays

Cadence Bank (NYSE:CADE) had its target price upped by equities researchers at Barclays from $28.00 to $29.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s target price indicates a potential downside of 0.48% from the company’s current price.

A number of other brokerages also recently commented on CADE. Raymond James reduced their price objective on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 31st. Truist Financial upped their price objective on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. TheStreet lowered Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. Finally, Jefferies Financial Group lowered their target price on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Five research 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Stock Up 0.9 %

Cadence Bank stock traded up $0.25 during midday trading on Wednesday, reaching $29.14. The company’s stock had a trading volume of 868,139 shares, compared to its average volume of 1,374,180. The business has a 50-day simple moving average of $27.62 and a 200-day simple moving average of $26.51. The company has a market cap of $5.32 billion, a P/E ratio of 9.28 and a beta of 1.02. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week 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.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Tuesday, April 23rd. 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 9.22% and a net margin of 23.83%. The company had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. During the same quarter in the previous year, the business earned $0.68 EPS. The firm’s revenue was up 12.6% on a year-over-year basis. On average, research analysts expect that Cadence Bank will post 2.38 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

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

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.