Morgan Stanley Cuts Cadence Bank (NYSE:CADE) Price Target to $42.00

Cadence Bank (NYSE:CADE) had its price objective reduced by Morgan Stanley from $46.00 to $42.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently issued reports on CADE. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. Citigroup lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Finally, Stephens reissued an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $38.77.

Cadence Bank Stock Up 1.7 %

Shares of CADE opened at $29.85 on Thursday. Cadence Bank has a twelve month low of $26.16 and a twelve month high of $40.20. The company has a market capitalization of $5.44 billion, a P/E ratio of 10.78 and a beta of 0.96. The firm has a 50 day moving average of $33.78 and a 200 day moving average of $34.08.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the company earned $0.40 earnings per share. On average, sell-side analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.275 per share. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.69%. Cadence Bank’s payout ratio is 39.71%.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently bought and sold shares of CADE. Norges Bank purchased a new stake in shares of Cadence Bank during the fourth quarter worth about $71,915,000. Millennium Management LLC grew its holdings in Cadence Bank by 846.1% during the 4th quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock valued at $36,273,000 after buying an additional 941,613 shares in the last quarter. Boston Partners bought a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $24,834,000. First Trust Advisors LP lifted its holdings in shares of Cadence Bank by 21.2% in the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock worth $90,753,000 after buying an additional 460,486 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Cadence Bank during the fourth quarter worth $13,225,000. 84.61% of the stock is owned by institutional investors.

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.