Cadence Bank (NYSE:CADE) Upgraded to “Outperform” by Hovde Group

Hovde Group upgraded shares of Cadence Bank (NYSE:CADE) from a market perform rating to an outperform rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports. The brokerage currently has $33.00 price target on the stock, up from their prior price target of $32.50.

Other equities analysts have also issued reports about the company. Truist Financial increased their price objective on Cadence Bank from $32.00 to $33.00 and gave the stock a buy rating in a report on Monday, April 1st. Raymond James decreased their price objective on Cadence Bank from $35.00 to $34.00 and set a strong-buy rating for the company in a report on Wednesday, January 31st. Jefferies Financial Group decreased their price objective on Cadence Bank from $30.00 to $29.00 and set a hold rating for the company in a report on Monday, April 8th. DA Davidson reissued a buy rating on shares of Cadence Bank in a report on Monday, January 15th. Finally, Citigroup increased their price target on Cadence Bank from $27.00 to $32.00 and gave the company a neutral rating in a research note 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 issued a strong buy rating to the company’s stock. According to MarketBeat, Cadence Bank currently has an average rating of Moderate Buy and a consensus price target of $31.09.

Cadence Bank Stock Up 1.7 %

NYSE:CADE opened at $29.37 on Wednesday. The firm has a market capitalization of $5.36 billion, a PE ratio of 9.38 and a beta of 1.02. The stock has a 50 day moving average of $27.68 and a 200-day moving average of $26.53. Cadence Bank has a 52 week low of $16.95 and a 52 week high of $31.45. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last posted its earnings results on Tuesday, April 23rd. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 9.22% and a net margin of 23.83%. The company had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. During the same period in the prior year, the company earned $0.68 earnings per share. The business’s revenue was up 12.6% compared to the same quarter last year. Analysts predict that Cadence Bank will post 2.38 EPS for the current year.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Cadence Bank by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock valued at $571,986,000 after acquiring an additional 157,523 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cadence Bank by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after purchasing an additional 376,989 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Cadence Bank by 7.3% in the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after purchasing an additional 574,633 shares in the last quarter. Norges Bank purchased a new stake in shares of Cadence Bank in the fourth quarter valued at $60,490,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Cadence Bank by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,017,359 shares of the company’s stock valued at $59,694,000 after purchasing an additional 77,563 shares in the last quarter. Institutional investors and hedge funds 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.