Cadence Bank (NYSE:CADE) PT Raised to $33.00 at Keefe, Bruyette & Woods

Cadence Bank (NYSE:CADE) had its target price boosted by Keefe, Bruyette & Woods from $32.00 to $33.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

CADE has been the topic of a number of other reports. Royal Bank of Canada reaffirmed a sector perform rating and issued a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. Barclays started coverage on shares of Cadence Bank in a report on Friday, March 8th. They issued an equal weight rating and a $28.00 target price for the company. Hovde Group raised Cadence Bank from a market perform rating to an outperform rating and raised their price target for the stock from $32.50 to $33.00 in a report on Wednesday. Truist Financial boosted their price target on Cadence Bank from $32.00 to $33.00 and gave the company a buy rating in a research report on Monday, April 1st. Finally, Citigroup boosted their target price on Cadence Bank from $27.00 to $32.00 and gave the company a neutral rating in a report on Friday, December 29th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cadence Bank has a consensus rating of Moderate Buy and a consensus target price of $31.09.

Cadence Bank Stock Performance

NYSE CADE opened at $29.01 on Wednesday. The company has a fifty day moving average of $27.74 and a two-hundred day moving average of $26.60. The company has a market capitalization of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. Cadence Bank has a 1 year low of $16.95 and a 1 year high of $31.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85.

Cadence Bank (NYSE:CADE) last announced its earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The business’s revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 EPS. As a group, analysts expect that Cadence Bank will post 2.39 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s payout ratio is currently 31.95%.

Hedge Funds Weigh In On Cadence Bank

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