Cadence Bank (NYSE:CADE) Price Target Raised to $33.00

Cadence Bank (NYSE:CADE) had its price target hoisted by Keefe, Bruyette & Woods from $32.00 to $33.00 in a research note published on Wednesday, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

Other analysts have also recently issued research reports about the company. DA Davidson reiterated a buy rating on shares of Cadence Bank in a research report on Monday, January 15th. Citigroup upped their price target on shares of Cadence Bank from $27.00 to $32.00 and gave the company a neutral rating in a research report on Friday, December 29th. Royal Bank of Canada reissued a sector perform rating and issued a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Morgan Stanley upped their target price on shares of Cadence Bank from $24.00 to $27.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Finally, Raymond James dropped their price target on shares of Cadence Bank from $35.00 to $34.00 and set a strong-buy rating on the stock in a research note on Wednesday, January 31st. Five investment 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 stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $31.09.

Cadence Bank Stock Performance

Shares of NYSE CADE opened at $29.01 on Wednesday. The firm’s 50-day moving average price is $27.74 and its 200-day moving average price is $26.60. Cadence Bank has a 52-week low of $16.95 and a 52-week high of $31.45. The company has a market cap of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last issued its earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the company posted $0.68 earnings per share. As a group, analysts anticipate that Cadence Bank will post 2.39 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.00 dividend on an annualized basis and a yield of 3.45%. Cadence Bank’s payout ratio is presently 31.95%.

Hedge Funds Weigh In On Cadence Bank

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Cadence Bank by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock worth $571,986,000 after purchasing an additional 157,523 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after buying an additional 376,989 shares in the last quarter. Wellington Management Group LLP grew its holdings in Cadence Bank by 7.3% during the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after buying an additional 574,633 shares in the last quarter. Norges Bank bought a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $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 worth $59,694,000 after buying an additional 77,563 shares in the last quarter. 84.61% of the stock is currently 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.