Analysts Set Cadence Bank (NYSE:CADE) Target Price at $42.33

Shares of Cadence Bank (NYSE:CADE) have earned a consensus recommendation of “Hold” from the eleven ratings firms that are covering the firm, MarketBeat Ratings reports. Nine research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $42.3333.

A number of equities research analysts have weighed in on CADE shares. Stephens lowered Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, October 8th. Morgan Stanley cut shares of Cadence Bank from an “overweight” rating to a “sell” rating in a report on Tuesday, October 28th. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the company a “neutral” rating in a research report on Monday, October 27th. Finally, Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a research report on Monday, October 27th.

Institutional Investors Weigh In On Cadence Bank

Hedge funds have recently made changes to their positions in the stock. Mather Group LLC. bought a new stake in Cadence Bank during the third quarter valued at about $26,000. FNY Investment Advisers LLC purchased a new stake in shares of Cadence Bank during the second quarter valued at about $25,000. Advisory Services Network LLC bought a new stake in shares of Cadence Bank in the 3rd quarter valued at about $32,000. Community Bank N.A. bought a new stake in shares of Cadence Bank in the 3rd quarter valued at about $35,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Cadence Bank in the 3rd quarter worth approximately $38,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

Shares of CADE stock opened at $43.22 on Friday. The company has a market capitalization of $7.88 billion, a P/E ratio of 15.66 and a beta of 0.95. The company’s 50-day simple moving average is $41.56 and its two-hundred day simple moving average is $38.23. Cadence Bank has a one year low of $25.22 and a one year high of $46.02.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $523.60 million. During the same quarter in the previous year, the firm posted $0.73 earnings per share. On average, research analysts expect 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 was paid on Friday, January 2nd. Shareholders of record on Monday, December 15th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, December 15th. Cadence Bank’s dividend payout ratio (DPR) is 39.86%.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.