Cadence Bank (NYSE:CADE) PT Lowered to $37.00

Cadence Bank (NYSE:CADE) had its price target lowered by Truist Financial from $38.00 to $37.00 in a research report released on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently weighed in on the stock. Hovde Group upped their target price on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an outperform rating in a report on Wednesday, July 24th. Piper Sandler downgraded shares of Cadence Bank from an overweight rating to a neutral rating and boosted their target price for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Royal Bank of Canada raised their target price on shares of Cadence Bank from $31.00 to $35.00 and gave the company a sector perform rating in a research note on Wednesday, July 24th. Stephens restated an overweight rating and set a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group decreased their target price on Cadence Bank from $31.00 to $29.00 and set a hold rating on the stock in a research report on Wednesday, July 3rd. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $34.46.

Cadence Bank Price Performance

Shares of CADE opened at $32.13 on Friday. The firm has a fifty day simple moving average of $31.40 and a two-hundred day simple moving average of $29.30. The firm has a market cap of $5.85 billion, a PE ratio of 10.27 and a beta of 0.97. 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 1-year low of $19.67 and a 1-year high of $34.13.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data 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 8.82% and a net margin of 24.42%. The firm had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same period in the prior year, the business posted $0.64 EPS. On average, equities analysts anticipate that Cadence Bank will post 2.56 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Institutional Trading of Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. GAMMA Investing LLC raised its holdings in shares of Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after buying an additional 436 shares during the period. Rise Advisors LLC bought a new stake in shares of Cadence Bank during the first quarter worth $34,000. Innealta Capital LLC purchased a new stake in shares of Cadence Bank during the second quarter valued at $138,000. Argent Advisors Inc. purchased a new position in Cadence Bank in the 1st quarter worth about $204,000. Finally, Lavaca Capital LLC bought a new stake in Cadence Bank during the 1st quarter valued at about $207,000. 84.61% of the stock is owned by hedge funds and other 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.