Cadence Bank (NYSE:CADE) Receives $42.88 Consensus Price Target from Brokerages

Shares of Cadence Bank (NYSE:CADE) have received a consensus recommendation of “Hold” from the ten analysts that are covering the firm, MarketBeat Ratings reports. Eight analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $42.8750.

A number of research firms have recently commented on CADE. Keefe, Bruyette & Woods lowered Cadence Bank from a “moderate buy” rating to a “hold” rating and raised their price target for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Piper Sandler set a $40.00 price target on shares of Cadence Bank and gave the stock a “neutral” rating in a research note on Monday, October 27th. Barclays lowered Cadence Bank from an “overweight” rating to a “hold” rating in a research report on Tuesday, October 28th. Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Finally, Stephens lowered Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds have recently made changes to their positions in CADE. FNY Investment Advisers LLC purchased a new stake in Cadence Bank in the second quarter worth $25,000. Mather Group LLC. purchased a new position in shares of Cadence Bank during the third quarter valued at approximately $26,000. Advisory Services Network LLC purchased a new position in Cadence Bank during the third quarter valued at $32,000. Community Bank N.A. purchased a new position in shares of Cadence Bank in the 3rd quarter worth about $35,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Cadence Bank in the third quarter worth about $38,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Stock Down 1.6%

CADE opened at $42.14 on Thursday. The company’s 50-day moving average price is $43.28 and its two-hundred day moving average price is $39.30. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $46.74. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15.

Cadence Bank (NYSE:CADE) last issued its earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.06. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.The firm had revenue of $528.41 million for the quarter, compared to analyst estimates of $525.15 million. During the same period in the previous year, the company posted $0.70 earnings per share. As a group, equities analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Shareholders of record on Friday, January 30th will be given a dividend of $0.3438 per share. This represents a $1.38 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, January 30th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s dividend payout ratio is currently 39.01%.

About Cadence Bank

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.