Cadence Bank (NYSE:CADE) Raised to “Outperform” at Hovde Group

Hovde Group upgraded shares of Cadence Bank (NYSE:CADE) from a market perform rating to an outperform rating in a report published on Wednesday morning, Marketbeat.com reports. They currently have $33.00 target price on the stock, up from their previous target price of $32.50.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group cut their target price on shares of Cadence Bank from $30.00 to $29.00 and set a hold rating for the company in a research note on Monday, April 8th. DA Davidson reaffirmed a buy rating on shares of Cadence Bank in a research report on Monday, January 15th. Stephens reissued an overweight rating and set a $33.00 target price on shares of Cadence Bank in a report on Tuesday. TheStreet cut Cadence Bank from a b rating to a c rating in a research note on Tuesday, January 30th. Finally, Morgan Stanley lifted their price objective on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank presently has a consensus rating of Moderate Buy and an average price target of $31.09.

Cadence Bank Trading Down 0.2 %

NYSE CADE opened at $29.01 on Wednesday. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a 50 day moving average of $27.74 and a 200-day moving average of $26.60. The company has a market cap of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The firm had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same period in the prior year, the firm posted $0.68 earnings per share. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, equities research analysts anticipate that Cadence Bank will post 2.39 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Trading of Cadence Bank

Several hedge funds and other institutional investors have recently bought and sold shares of CADE. Wolverine Asset Management LLC grew its position in shares of Cadence Bank by 952.0% during 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 in the last quarter. Rise Advisors LLC acquired a new stake in shares of Cadence Bank in the first quarter valued at approximately $34,000. Fifth Third Bancorp boosted its stake in shares of Cadence Bank by 165.8% in the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock valued at $31,000 after buying an additional 905 shares during the period. Allspring Global Investments Holdings LLC grew its position in Cadence Bank by 8.5% during 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 in the last quarter. Finally, Moody Lynn & Lieberson LLC acquired a new stake in Cadence Bank during the fourth quarter worth approximately $205,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.