Cadence Bank (NYSE:CADE) Price Target Raised to $38.00

Cadence Bank (NYSE:CADE) had its price target raised by stock analysts at Truist Financial from $37.00 to $38.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 12.09% from the stock’s previous close.

CADE has been the subject of a number of other research reports. Royal Bank of Canada boosted their target price on shares of Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Barclays boosted their price objective on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday. DA Davidson raised their target price on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and upped their target price for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Finally, Hovde Group upped their price target on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Stock Performance

Shares of NYSE CADE opened at $33.90 on Wednesday. The business’s 50-day simple moving average is $31.78 and its 200-day simple moving average is $29.94. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a 52 week low of $19.94 and a 52 week high of $34.25. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of 10.83 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company 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 company posted $0.56 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, equities research analysts expect that Cadence Bank will post 2.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new stake in shares of Cadence Bank in the third quarter valued at $25,000. GAMMA Investing LLC grew its stake in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Cadence Bank in the second quarter valued at approximately $138,000. Davis Investment Partners LLC bought a new position in Cadence Bank in the 3rd quarter valued at $202,000. Finally, Argent Advisors Inc. acquired a new stake in shares of Cadence Bank in the 1st quarter valued at $204,000. Institutional investors own 84.61% of the company’s stock.

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.