Cadence Bank (NYSE:CADE) Upgraded to Overweight at Barclays

Cadence Bank (NYSE:CADE) was upgraded by equities researchers at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday,Finviz reports. The firm presently has a $44.00 price objective on the stock, up from their previous price objective of $41.00. Barclays‘s price target indicates a potential upside of 29.91% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Truist Financial lifted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Royal Bank of Canada upped their price objective on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. DA Davidson boosted their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus target price of $36.88.

Cadence Bank Stock Down 5.2 %

CADE opened at $33.87 on Thursday. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $6.17 billion, a P/E ratio of 9.73 and a beta of 0.98. The business’s 50-day simple moving average is $35.95 and its 200-day simple moving average is $32.25.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. During the same quarter last year, the business posted $0.56 EPS. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. Analysts anticipate that Cadence Bank will post 2.71 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CADE. Dimensional Fund Advisors LP boosted its position 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 buying an additional 593,878 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Cadence Bank during the third quarter worth about $11,727,000. Vaughan Nelson Investment Management L.P. raised its position in Cadence Bank by 16.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after acquiring an additional 291,885 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in shares of Cadence Bank by 21.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after purchasing an additional 237,748 shares in the last quarter. Finally, FMR LLC grew its position in shares of Cadence Bank by 1.2% in the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after purchasing an additional 195,773 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.