Cadence Bank (NYSE:CADE) Hits New 1-Year High - Still a Buy?

Cadence Bank (NYSE:CADE - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $34.40 and last traded at $34.40, with a volume of 39526 shares. The stock had previously closed at $33.85.

Wall Street Analyst Weigh In

A number of analysts recently commented on CADE shares. Royal Bank of Canada increased their price target on Cadence Bank from $35.00 to $36.00 and gave the company a "sector perform" rating in a research report on Wednesday, October 23rd. Hovde Group lifted their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an "outperform" rating in a research note on Wednesday, July 24th. DA Davidson increased their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, October 23rd. Piper Sandler downgraded shares of Cadence Bank from an "overweight" rating to a "neutral" rating and raised their price objective for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Finally, Barclays boosted 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, October 23rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $35.29.

Cadence Bank Stock Up 0.7 %

The company has a market capitalization of $6.21 billion, a PE ratio of 10.81 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. The stock's 50 day moving average is $31.95 and its 200 day moving average is $30.10.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The business's quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.56 earnings per share. On average, sell-side analysts anticipate that Cadence Bank will post 2.57 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a yield of 2.93%. Cadence Bank's dividend payout ratio is currently 31.95%.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds have recently bought and sold shares of CADE. Vanguard Group Inc. grew its position in Cadence Bank by 4.9% in the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company's stock worth $587,867,000 after acquiring an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company's stock worth $277,874,000 after purchasing an additional 593,878 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Cadence Bank by 1.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company's stock valued at $59,071,000 after purchasing an additional 36,323 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Cadence Bank by 1.8% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company's stock valued at $50,667,000 after buying an additional 31,815 shares in the last quarter. Finally, Natixis Advisors LLC raised its holdings in shares of Cadence Bank by 8.0% during the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company's stock valued at $11,860,000 after buying an additional 30,945 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company's stock.

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.