Cadence Bank (NYSE:CADE) Price Target Raised to $40.00

Cadence Bank (NYSE:CADE) had its target price increased by DA Davidson from $36.00 to $40.00 in a report released on Wednesday morning, Benzinga reports. DA Davidson currently has a buy rating on the stock. DA Davidson also issued estimates for Cadence Bank’s Q4 2024 earnings at $0.69 EPS, FY2024 earnings at $2.73 EPS and FY2025 earnings at $2.88 EPS.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group lowered their price objective on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Barclays raised their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Royal Bank of Canada increased their target price on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Stephens reaffirmed an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Trading Down 2.4 %

Shares of CADE opened at $33.09 on Wednesday. The firm’s 50-day moving average is $31.83 and its two-hundred day moving average is $29.97. Cadence Bank has a twelve month low of $20.52 and a twelve month high of $34.25. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $6.03 billion, a P/E ratio of 10.57 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. Cadence Bank’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 earnings per share. On average, research analysts predict that Cadence Bank will post 2.57 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds have recently made changes to their positions in CADE. Vanguard Group Inc. raised its position in shares of Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after buying an additional 940,895 shares during the period. Dimensional Fund Advisors LP increased its stake in Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after acquiring an additional 593,878 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after purchasing an additional 227,395 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Cadence Bank during the 3rd quarter worth about $5,511,000. Finally, Leuthold Group LLC acquired a new stake in Cadence Bank during the 3rd quarter worth approximately $2,743,000. Institutional investors and hedge funds 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.