Cadence Bank (NYSE:CADE) Hits New 52-Week High – Should You Buy?

Shares of Cadence Bank (NYSE:CADE) hit a new 52-week high on Monday . The stock traded as high as $40.29 and last traded at $40.3470, with a volume of 380495 shares changing hands. The stock had previously closed at $39.84.

Wall Street Analysts Forecast Growth

CADE has been the topic of several recent research reports. Zacks Research lowered Cadence Bank from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Piper Sandler set a $40.00 price target on shares of Cadence Bank and gave the company a “neutral” rating in a research report on Monday, October 27th. Barclays cut shares of Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Finally, Stephens lowered shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cadence Bank presently has a consensus rating of “Hold” and an average price target of $42.33.

Cadence Bank Price Performance

The firm has a market cap of $7.49 billion, a PE ratio of 14.89 and a beta of 0.97. The business’s 50 day moving average price is $38.03 and its 200 day moving average price is $35.54.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. Cadence Bank had a net margin of 18.15% and a return on equity of 9.97%. The firm had revenue of $517.24 million for the quarter, compared to analyst estimates of $523.60 million. During the same period last year, the company posted $0.73 EPS. As a group, analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.7%. Cadence Bank’s payout ratio is currently 39.86%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. NorthCrest Asset Manangement LLC grew its holdings in shares of Cadence Bank by 1.0% during the third quarter. NorthCrest Asset Manangement LLC now owns 28,279 shares of the company’s stock worth $1,105,000 after buying an additional 282 shares in the last quarter. Osaic Holdings Inc. boosted its position 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 last quarter. KLP Kapitalforvaltning AS grew its stake in Cadence Bank by 0.8% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 38,128 shares of the company’s stock valued at $1,440,000 after acquiring an additional 300 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Cadence Bank by 4.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 8,025 shares of the company’s stock valued at $301,000 after acquiring an additional 326 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in Cadence Bank by 16.2% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,629 shares of the company’s stock valued at $99,000 after acquiring an additional 366 shares during the last quarter. Hedge funds and other institutional investors 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.