Brokerages Set Cadence Bank (NYSE:CADE) Price Target at $34.88

Shares of Cadence Bank (NYSE:CADE - Get Free Report) have received a consensus rating of "Moderate Buy" from the twelve brokerages that are currently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $34.88.

A number of research analysts have commented on CADE shares. Stephens restated an "overweight" rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Piper Sandler downgraded Cadence Bank from an "overweight" rating to a "neutral" rating and upped their price objective for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Royal Bank of Canada lifted their target price on Cadence Bank from $31.00 to $35.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 24th. Morgan Stanley raised Cadence Bank from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Finally, DA Davidson increased their price target on Cadence Bank from $34.50 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, July 24th.

Cadence Bank Stock Performance

Shares of Cadence Bank stock traded down $0.61 on Friday, hitting $32.89. The stock had a trading volume of 1,234,324 shares, compared to its average volume of 1,312,474. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of 10.70 and a beta of 0.96. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13. The company's 50 day moving average price is $31.40 and its 200 day moving average price is $29.75.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.08. The company had revenue of $742.87 million during the quarter, compared to analysts' expectations of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same quarter in the previous year, the business earned $0.64 earnings per share. On average, research analysts anticipate that Cadence Bank will post 2.57 EPS for the current year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 3.04%. Cadence Bank's dividend payout ratio (DPR) is presently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company's stock worth $587,867,000 after purchasing an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cadence Bank by 6.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company's stock worth $277,874,000 after buying an additional 593,878 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company's stock worth $51,034,000 after buying an additional 227,395 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Cadence Bank in the 3rd quarter valued at about $1,364,000. Finally, Seven Eight Capital LP purchased a new position in Cadence Bank during the 2nd quarter valued at about $1,198,000. 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.