Cadence Bank (NYSE:CADE) Given Average Rating of “Hold” by Brokerages

Cadence Bank (NYSE:CADE) has received an average rating of “Hold” from the eleven brokerages that are currently covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $42.1111.

CADE has been the subject of a number of research analyst reports. Barclays increased their price target on shares of Cadence Bank from $43.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, October 8th. DA Davidson increased their price target on shares of Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a report on Monday, July 28th. Zacks Research downgraded shares of Cadence Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the company a “neutral” rating in a report on Monday. Finally, Stephens raised their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the company an “overweight” rating in a report on Monday, July 28th.

Cadence Bank Stock Performance

Shares of CADE opened at $38.15 on Tuesday. The company has a 50-day simple moving average of $37.39 and a 200-day simple moving average of $33.87. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $6.95 billion, a PE ratio of 13.82 and a beta of 0.88. Cadence Bank has a 52-week low of $25.22 and a 52-week high of $40.23.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. The business had revenue of $517.24 million during the quarter, compared to the consensus estimate of $523.60 million. Cadence Bank had a net margin of 18.15% and a return on equity of 10.08%. During the same quarter last year, the firm posted $0.73 EPS. Equities research analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, December 15th. Cadence Bank’s dividend payout ratio (DPR) is 39.86%.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds have recently added to or reduced their stakes in CADE. FNY Investment Advisers LLC purchased a new position in Cadence Bank during the 2nd quarter valued at about $25,000. Mather Group LLC. purchased a new position in Cadence Bank during the 3rd quarter valued at about $26,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Cadence Bank during the first quarter worth about $40,000. Osaic Holdings Inc. grew its holdings in shares of 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 buying an additional 283 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in shares of Cadence Bank by 47.2% during the second quarter. Nomura Asset Management Co. Ltd. now owns 1,870 shares of the company’s stock worth $60,000 after buying an additional 600 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.