Barclays Raises Cadence Bank (NYSE:CADE) Price Target to $29.00

Cadence Bank (NYSE:CADE) had its price objective hoisted by Barclays from $28.00 to $29.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms also recently issued reports on CADE. DA Davidson reaffirmed a buy rating on shares of Cadence Bank in a research note on Monday, January 15th. TheStreet cut Cadence Bank from a b rating to a c rating in a research note on Tuesday, January 30th. Morgan Stanley raised their price objective on Cadence Bank from $24.00 to $27.00 and gave the company an equal weight rating in a research note on Wednesday, February 7th. Stephens reaffirmed an overweight rating and issued a $33.00 target price on shares of Cadence Bank in a research report on Tuesday. Finally, Hovde Group raised shares of Cadence Bank from a market perform rating to an outperform rating and raised their price target for the stock from $32.50 to $33.00 in a research report on Wednesday. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $31.09.

Cadence Bank Trading Down 0.2 %

NYSE:CADE opened at $29.01 on Wednesday. The business’s 50-day moving average is $27.74 and its two-hundred day moving average is $26.60. The firm has a market capitalization of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85.

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

Cadence Bank Announces Dividend

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

Hedge Funds Weigh In On Cadence Bank

A number of large investors have recently bought and sold shares of the business. Wolverine Asset Management LLC raised its position in shares of Cadence Bank by 952.0% during the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares during the period. Rise Advisors LLC acquired a new stake in Cadence Bank in the first quarter worth $34,000. Fifth Third Bancorp lifted its stake in Cadence Bank by 165.8% in the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock valued at $31,000 after buying an additional 905 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Cadence Bank by 8.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after acquiring an additional 524 shares during the period. Finally, Moody Lynn & Lieberson LLC bought a new position in shares of Cadence Bank during the fourth quarter worth about $205,000. Institutional investors 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.