Cadence Bank (NYSE:CADE) PT Raised to $39.00

Cadence Bank (NYSE:CADE) had its price objective raised by equities researchers at DA Davidson from $34.50 to $39.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price objective indicates a potential upside of 16.87% from the stock’s current price.

Other analysts also recently issued reports about the company. Barclays raised their price target on Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, June 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $33.00 to $34.00 in a research note on Wednesday. Stephens reiterated an “overweight” rating and set a $35.00 target price on shares of Cadence Bank in a research report on Tuesday. Finally, Keefe, Bruyette & Woods upped their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.79.

Cadence Bank Stock Performance

Shares of NYSE:CADE opened at $33.37 on Wednesday. The firm has a fifty day simple moving average of $28.88 and a two-hundred day simple moving average of $28.26. Cadence Bank has a 52 week low of $19.67 and a 52 week high of $34.13. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $6.08 billion, a P/E ratio of 10.66 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.61 by $0.08. Cadence Bank had a return on equity of 9.00% and a net margin of 24.42%. The company had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same quarter last year, the business posted $0.64 earnings per share. On average, analysts expect that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in Cadence Bank during the 4th quarter valued at about $60,490,000. Vanguard Group Inc. increased its holdings in shares of Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after acquiring an additional 940,895 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Cadence Bank by 81.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after acquiring an additional 687,025 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Cadence Bank by 7.3% in the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after purchasing an additional 574,633 shares during the last quarter. Finally, Ranger Investment Management L.P. boosted its stake in Cadence Bank by 59.4% in the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after purchasing an additional 393,037 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.