Cadence Bank (NYSE:CADE) PT Raised to $40.00 at DA Davidson

Cadence Bank (NYSE:CADE) had its price objective upped by stock analysts at DA Davidson from $36.00 to $40.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. DA Davidson’s price target would suggest a potential upside of 19.65% from the stock’s current price.

CADE has been the topic of several other reports. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Jefferies Financial Group decreased their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Truist Financial lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays upped their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Royal Bank of Canada lifted their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.21.

Cadence Bank Trading Down 1.7 %

NYSE:CADE traded down $0.57 on Wednesday, hitting $33.43. 370,418 shares of the stock were exchanged, compared to its average volume of 1,324,478. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 10.72 and a beta of 0.96. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a 52 week low of $19.94 and a 52 week high of $34.22. The company’s 50-day moving average price is $31.62 and its 200 day moving average price is $29.88.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. During the same period in the prior year, the business posted $0.56 earnings per share. Cadence Bank’s revenue was up 11.0% compared to the same quarter last year. On average, equities research analysts forecast that Cadence Bank will post 2.57 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CADE. GAMMA Investing LLC lifted its stake in Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares in the last quarter. AlphaMark Advisors LLC boosted its holdings in Cadence Bank by 5.6% during the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after purchasing an additional 579 shares during the last quarter. Retirement Systems of Alabama grew its holdings in shares of Cadence Bank by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after acquiring an additional 602 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Cadence Bank by 0.3% in the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after acquiring an additional 689 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new stake in Cadence Bank during the third quarter worth about $25,000. 84.61% of the stock is currently owned by 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.