Cadence Bank (NYSE:CADE) Price Target Raised to $40.00

Cadence Bank (NYSE:CADE) had its target price increased by equities research analysts at Keefe, Bruyette & Woods from $38.00 to $40.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 30.08% from the stock’s previous close.

Other analysts have also issued research reports about the company. Barclays lowered their target price on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Morgan Stanley decreased their price objective on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Citigroup lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Hovde Group increased their price target on shares of Cadence Bank from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. Finally, Royal Bank of Canada cut their price objective on shares of Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and seven have assigned 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 target price of $36.82.

Cadence Bank Stock Performance

CADE opened at $30.75 on Friday. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 11.10 and a beta of 0.84. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The business’s fifty day simple moving average is $29.26 and its 200-day simple moving average is $33.29.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.07. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. The company had revenue of $448.55 million for the quarter, compared to analysts’ expectations of $451.61 million. During the same period in the prior year, the business earned $0.62 EPS. On average, equities research analysts predict that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank declared that its board has initiated a stock repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Cadence Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Cadence Bank by 63.7% during the third quarter. Barclays PLC now owns 441,669 shares of the company’s stock worth $14,067,000 after purchasing an additional 171,940 shares during the period. Tidal Investments LLC lifted its stake in Cadence Bank by 8.1% during the 3rd quarter. Tidal Investments LLC now owns 9,769 shares of the company’s stock valued at $311,000 after acquiring an additional 730 shares during the period. Franklin Resources Inc. purchased a new stake in shares of Cadence Bank in the 3rd quarter valued at $947,000. GAMMA Investing LLC increased its stake in shares of Cadence Bank by 19.3% in the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock worth $64,000 after acquiring an additional 301 shares during the period. Finally, Nordea Investment Management AB raised its holdings in shares of Cadence Bank by 2.1% during the fourth quarter. Nordea Investment Management AB now owns 95,640 shares of the company’s stock worth $3,302,000 after purchasing an additional 1,935 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.