Barclays Cuts Cadence Bank (NYSE:CADE) Price Target to $38.00

Cadence Bank (NYSE:CADE - Get Free Report) had its target price dropped by analysts at Barclays from $44.00 to $38.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's price objective would suggest a potential upside of 39.67% from the company's current price.

Several other brokerages have also recently commented on CADE. Stephens reissued an "overweight" rating and set a $42.00 price target on shares of Cadence Bank in a research report on Thursday, January 23rd. Hovde Group cut their price objective on Cadence Bank from $40.00 to $35.00 and set a "market perform" rating for the company in a report on Wednesday, April 2nd. Citigroup boosted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a report on Monday, January 27th. Morgan Stanley cut their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $38.00 price objective on shares of Cadence Bank in a research note on Friday, January 24th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank presently has a consensus rating of "Moderate Buy" and an average price target of $38.09.

Remove Ads

Cadence Bank Price Performance

NYSE:CADE traded up $0.24 during trading hours on Tuesday, reaching $27.21. 1,531,704 shares of the stock were exchanged, compared to its average volume of 1,262,759. The stock has a market cap of $4.96 billion, a PE ratio of 9.82 and a beta of 0.87. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The firm has a 50 day moving average of $31.19 and a 200 day moving average of $33.70.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the previous year, the business earned $0.40 earnings per share. Equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Cadence Bank in the fourth quarter valued at about $71,915,000. Millennium Management LLC raised its stake in Cadence Bank by 846.1% in the 4th quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock worth $36,273,000 after purchasing an additional 941,613 shares in the last quarter. Boston Partners bought a new stake in Cadence Bank in the 4th quarter valued at about $24,834,000. First Trust Advisors LP grew its position in shares of Cadence Bank by 21.2% during the 4th quarter. First Trust Advisors LP now owns 2,634,335 shares of the company's stock worth $90,753,000 after purchasing 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 approximately $13,225,000. 84.61% of the stock is owned by institutional investors and hedge funds.

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.