Cadence Bank (NYSE:CADE) Receives $38.09 Average PT from Brokerages

Cadence Bank (NYSE:CADE) has received an average rating of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $38.09.

CADE has been the subject of a number of recent research reports. Barclays dropped their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Hovde Group cut their price target on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a report on Wednesday, April 2nd. Stephens restated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Morgan Stanley dropped their price objective on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a report on Friday, January 24th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund grew its stake in shares of Cadence Bank by 0.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock worth $1,284,000 after purchasing an additional 300 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cadence Bank by 19.3% during the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock valued at $64,000 after buying an additional 301 shares in the last quarter. Ironwood Investment Management LLC boosted its holdings in shares of Cadence Bank by 1.2% in the fourth quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company’s stock worth $1,039,000 after buying an additional 354 shares during the period. Arizona State Retirement System increased its position in shares of Cadence Bank by 0.8% in the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company’s stock worth $1,827,000 after acquiring an additional 415 shares in the last quarter. Finally, HighTower Advisors LLC increased its position in shares of Cadence Bank by 1.4% in the third quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock worth $1,406,000 after acquiring an additional 599 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

Cadence Bank stock opened at $28.06 on Friday. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The firm has a market capitalization of $5.11 billion, a price-to-earnings ratio of 10.13 and a beta of 0.87. The stock’s fifty day moving average is $30.89 and its two-hundred day moving average is $33.65.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business posted $0.40 EPS. As a group, sell-side analysts forecast that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.275 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date was Friday, March 14th. Cadence Bank’s payout ratio is presently 39.71%.

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.