Cadence Bank (NYSE:CADE) Receives $42.33 Average PT from Analysts

Shares of Cadence Bank (NYSE:CADE) have been assigned an average recommendation of “Hold” from the eleven ratings firms that are covering the company, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $42.3333.

CADE has been the subject of a number of research analyst reports. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the company a “neutral” rating in a research note on Monday, October 27th. Zacks Research cut Cadence Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Royal Bank Of Canada upgraded Cadence Bank from a “hold” rating to a “moderate buy” rating in a research report on Monday, October 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, October 8th. Finally, Barclays cut Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th.

Institutional Trading of Cadence Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. North Reef Capital Management LP acquired a new position in Cadence Bank during the 3rd quarter worth $264,845,000. Channing Capital Management LLC bought a new stake in shares of Cadence Bank during the second quarter worth $75,681,000. Norges Bank bought a new stake in shares of Cadence Bank during the second quarter worth $71,235,000. William Blair Investment Management LLC lifted its stake in shares of Cadence Bank by 196.8% during the third quarter. William Blair Investment Management LLC now owns 2,544,499 shares of the company’s stock valued at $95,520,000 after acquiring an additional 1,687,329 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Cadence Bank by 7.8% in the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company’s stock valued at $409,301,000 after acquiring an additional 980,369 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Price Performance

Cadence Bank stock opened at $43.64 on Wednesday. The business has a 50 day simple moving average of $39.25 and a 200 day simple moving average of $36.57. The company has a market capitalization of $7.95 billion, a PE ratio of 15.81 and a beta of 0.97. Cadence Bank has a one year low of $25.22 and a one year high of $44.26.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. The business had revenue of $517.24 million during the quarter, compared to analysts’ expectations of $523.60 million. Cadence Bank had a net margin of 18.15% and a return on equity of 9.97%. During the same quarter last year, the company posted $0.73 EPS. Equities analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders 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 2.5%. Cadence Bank’s payout ratio is currently 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.