Cadence Bank (NYSE:CADE) Upgraded by Barclays to “Overweight” Rating

Barclays upgraded shares of Cadence Bank (NYSE:CADE) from an equal weight rating to an overweight rating in a report released on Thursday, MarketBeat Ratings reports. The brokerage currently has $44.00 price target on the stock, up from their previous price target of $41.00.

Several other research firms also recently commented on CADE. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $36.00 to $39.00 in a report on Monday, September 30th. DA Davidson increased their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Truist Financial raised their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Royal Bank of Canada upped their target price on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.88.

Cadence Bank Price Performance

Shares of CADE opened at $33.77 on Thursday. The business’s fifty day moving average is $36.00 and its 200 day moving average is $32.26. Cadence Bank has a 12-month low of $24.99 and a 12-month high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The stock has a market cap of $6.15 billion, a P/E ratio of 9.70 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter last year, the firm earned $0.56 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. Sell-side analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.96%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Institutional Trading of Cadence Bank

A number of hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in Cadence Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after buying an additional 39,679 shares during the last quarter. Cerity Partners LLC grew its position in shares of Cadence Bank by 31.2% in the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock valued at $2,050,000 after acquiring an additional 15,312 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after buying an additional 291,885 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of Cadence Bank by 8.0% in the second quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock valued at $11,860,000 after acquiring an additional 30,945 shares in the last quarter. Finally, Segall Bryant & Hamill LLC grew its stake in Cadence Bank by 21.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after buying an additional 237,748 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.