Cadence Bank (NYSE:CADE) Given New $35.00 Price Target at Hovde Group

Cadence Bank (NYSE:CADE - Free Report) had its price objective cut by Hovde Group from $40.00 to $35.00 in a research note released on Wednesday morning, MarketBeat reports. They currently have a market perform rating on the stock.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Citigroup upped their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a "neutral" rating in a report on Monday, January 27th. Morgan Stanley lowered their price target on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Stephens reissued an "overweight" rating and set a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd. Finally, Barclays upgraded shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $38.64.

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Cadence Bank Stock Performance

CADE stock traded down $0.41 during midday trading on Wednesday, hitting $26.02. 444,439 shares of the stock were exchanged, compared to its average volume of 1,246,478. The stock's 50-day moving average price is $32.29 and its 200-day moving average price is $33.95. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of 9.41 and a beta of 0.87. Cadence Bank has a fifty-two week low of $25.25 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings data 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 period last year, the firm posted $0.40 EPS. Research analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.23%. This is an increase from Cadence Bank's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, March 14th. Cadence Bank's dividend payout ratio (DPR) is 39.71%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CADE. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cadence Bank by 3.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,981 shares of the company's stock valued at $1,369,000 after acquiring an additional 1,447 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Cadence Bank by 2.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 400,920 shares of the company's stock worth $12,769,000 after buying an additional 11,102 shares during the period. Captrust Financial Advisors grew its stake in shares of Cadence Bank by 55.6% in the third quarter. Captrust Financial Advisors now owns 23,606 shares of the company's stock valued at $752,000 after buying an additional 8,431 shares in the last quarter. Verition Fund Management LLC raised its holdings in shares of Cadence Bank by 24.3% during the 3rd quarter. Verition Fund Management LLC now owns 19,482 shares of the company's stock valued at $621,000 after buying an additional 3,807 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new position in Cadence Bank during the 3rd quarter worth approximately $32,000. Hedge funds and other institutional investors 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.