Cadence Bank (NYSE:CADE) Given New $29.00 Price Target at Barclays

Cadence Bank (NYSE:CADE) had its price objective hoisted by analysts at Barclays from $28.00 to $29.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential downside of 0.48% from the company’s current price.

A number of other brokerages also recently commented on CADE. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research note on Wednesday. Truist Financial increased their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Jefferies Financial Group decreased their price objective on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Citigroup boosted their price target on shares of Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, December 29th. Finally, Stephens reissued an “overweight” rating and issued a $33.00 target price on shares of Cadence Bank in a research report on Tuesday. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $31.09.

Cadence Bank Stock Up 0.9 %

CADE traded up $0.25 during trading on Wednesday, hitting $29.14. 868,139 shares of the company’s stock traded hands, compared to its average volume of 1,374,180. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 9.28 and a beta of 1.02. 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 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The company’s 50 day simple moving average is $27.62 and its two-hundred day simple moving average is $26.51.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Tuesday, April 23rd. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The company had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 9.22%. Cadence Bank’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 earnings per share. Analysts predict that Cadence Bank will post 2.38 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

A number of institutional investors have recently modified their holdings of CADE. SG Americas Securities LLC raised its stake in shares of Cadence Bank by 109.1% during the 3rd quarter. SG Americas Securities LLC now owns 82,899 shares of the company’s stock worth $1,759,000 after purchasing an additional 43,252 shares in the last quarter. Sheets Smith Wealth Management grew its holdings in shares of Cadence Bank by 3.8% during the third quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock worth $345,000 after buying an additional 589 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cadence Bank by 19.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,966 shares of the company’s stock valued at $806,000 after buying an additional 6,259 shares during the last quarter. Strs Ohio increased its stake in Cadence Bank by 12.1% during the 3rd quarter. Strs Ohio now owns 15,700 shares of the company’s stock worth $333,000 after acquiring an additional 1,700 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after purchasing an additional 524 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.