Cadence Bank (NYSE:CADE) Given New $33.00 Price Target at Keefe, Bruyette & Woods

Cadence Bank (NYSE:CADE) had its price target hoisted by Keefe, Bruyette & Woods from $32.00 to $33.00 in a research report released on Wednesday, Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the stock.

Several other research firms also recently weighed in on CADE. Hovde Group raised Cadence Bank from a market perform rating to an outperform rating and raised their price objective for the company from $32.50 to $33.00 in a report on Wednesday. Stephens reaffirmed an overweight rating and set a $33.00 target price on shares of Cadence Bank in a research report on Tuesday, April 23rd. Barclays initiated coverage on Cadence Bank in a research report on Friday, March 8th. They set an equal weight rating and a $28.00 target price for the company. Royal Bank of Canada reaffirmed a sector perform rating and set a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Finally, DA Davidson reaffirmed a buy rating on shares of Cadence Bank in a research report on Monday, January 15th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Cadence Bank currently has an average rating of Moderate Buy and an average price target of $31.09.

Cadence Bank Trading Down 0.1 %

NYSE CADE opened at $29.02 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $31.45. The company has a market cap of $5.30 billion, a price-to-earnings ratio of 9.27 and a beta of 1.02. The business’s fifty day moving average is $27.74 and its 200 day moving average is $26.64.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The company had revenue of $437.69 million for the quarter, compared to the consensus estimate of $427.18 million. During the same quarter last year, the business posted $0.68 EPS. Cadence Bank’s revenue for the quarter was up 12.6% on a year-over-year basis. As a group, sell-side analysts expect that Cadence Bank will post 2.43 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Barclays PLC increased its position in Cadence Bank by 30.7% in the 3rd quarter. Barclays PLC now owns 528,407 shares of the company’s stock valued at $11,212,000 after buying an additional 124,084 shares in the last quarter. Comerica Bank bought a new stake in Cadence Bank in the 3rd quarter valued at about $5,177,000. American Century Companies Inc. increased its position in Cadence Bank by 35.7% in the 3rd quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock valued at $26,697,000 after buying an additional 331,097 shares in the last quarter. Wellington Management Group LLP increased its position in Cadence Bank by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after buying an additional 1,063,055 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its position in Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after buying an additional 687,025 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

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.