Cadence Bank (NYSE:CADE) Receives $40.40 Consensus Target Price from Brokerages

Shares of Cadence Bank (NYSE:CADE) have been assigned an average rating of “Moderate Buy” from the eleven analysts that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $40.40.

A number of research analysts have recently weighed in on the company. Wall Street Zen lowered Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Zacks Research lowered Cadence Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. DA Davidson raised their target price on Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a report on Monday, July 28th. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, July 28th. Finally, Piper Sandler raised their target price on Cadence Bank from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 28th.

Cadence Bank Stock Up 1.0%

Shares of NYSE:CADE opened at $37.71 on Monday. The business’s 50 day simple moving average is $35.90 and its two-hundred day simple moving average is $32.21. The firm has a market cap of $6.87 billion, a P/E ratio of 13.42 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.The business had revenue of $476.32 million for the quarter, compared to analyst estimates of $467.60 million. During the same quarter in the prior year, the company earned $0.73 earnings per share. As a group, research analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank’s dividend payout ratio (DPR) is currently 39.15%.

Institutional Trading of Cadence Bank

A number of hedge funds have recently bought and sold shares of the business. Osaic Holdings Inc. lifted its holdings in Cadence Bank by 24.4% during the second quarter. Osaic Holdings Inc. now owns 1,442 shares of the company’s stock worth $46,000 after acquiring an additional 283 shares during the period. American Trust bought a new stake in Cadence Bank during the second quarter worth $328,000. Neuberger Berman Group LLC lifted its holdings in Cadence Bank by 47.8% during the second quarter. Neuberger Berman Group LLC now owns 19,711 shares of the company’s stock worth $630,000 after acquiring an additional 6,374 shares during the period. State of Wyoming lifted its holdings in Cadence Bank by 28.2% during the second quarter. State of Wyoming now owns 23,376 shares of the company’s stock worth $748,000 after acquiring an additional 5,138 shares during the period. Finally, Westwood Holdings Group Inc. bought a new stake in Cadence Bank during the second quarter worth $718,000. 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.