Cadence Bank (NYSE:CADE) Price Target Raised to $40.00 at Keefe, Bruyette & Woods

Cadence Bank (NYSE:CADE) had its target price boosted by Keefe, Bruyette & Woods from $38.00 to $40.00 in a research report released on Friday morning,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

Several other equities analysts also recently issued reports on CADE. DA Davidson cut their target price on Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Barclays reduced their price objective on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada decreased their target price on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Piper Sandler cut their price target on shares of Cadence Bank from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Finally, Stephens restated an “overweight” rating and set a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.82.

Cadence Bank Stock Performance

Shares of NYSE CADE opened at $30.75 on Friday. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The company has a market cap of $5.60 billion, a PE ratio of 11.10 and a beta of 0.84. The business has a 50-day simple moving average of $29.26 and a two-hundred day simple moving average of $33.29.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.07. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The company had revenue of $448.55 million during the quarter, compared to analysts’ expectations of $451.61 million. During the same period last year, the business earned $0.62 EPS. On average, sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank announced that its board has approved a share buyback plan on Friday, April 25th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.58%. Cadence Bank’s dividend payout ratio (DPR) is currently 38.60%.

Hedge Funds Weigh In On Cadence Bank

A number of large investors have recently bought and sold shares of the business. Brooklyn Investment Group purchased a new stake in shares of Cadence Bank in the fourth quarter valued at approximately $26,000. Mather Group LLC. grew its stake in Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after acquiring an additional 709 shares during the period. Keystone Financial Group Inc. purchased a new stake in Cadence Bank in the 4th quarter worth $31,000. Smartleaf Asset Management LLC raised its position in Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after acquiring an additional 722 shares during the period. Finally, Abound Wealth Management lifted its holdings in Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock valued at $51,000 after purchasing an additional 1,150 shares in the last quarter. 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.