Barclays Raises Cadence Bank (NYSE:CADE) Price Target to $35.00

Cadence Bank (NYSE:CADE) had its target price boosted by Barclays from $33.00 to $35.00 in a research report released on Friday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on CADE. Stephens reaffirmed an overweight rating and set a $35.00 price target on shares of Cadence Bank in a research report on Tuesday, July 23rd. Truist Financial lowered their price target on Cadence Bank from $38.00 to $37.00 and set a buy rating for the company in a research report on Friday, September 20th. Piper Sandler cut Cadence Bank from an overweight rating to a neutral rating and lifted their price target for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Morgan Stanley lifted their price target on Cadence Bank from $30.00 to $36.00 and gave the stock an equal weight rating in a research report on Monday, August 5th. Finally, DA Davidson lifted their price objective on Cadence Bank from $34.50 to $39.00 and gave the company a buy rating in a research note on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $34.63.

Cadence Bank Stock Down 1.1 %

Cadence Bank stock opened at $31.28 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 9.99 and a beta of 0.97. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The business has a fifty day moving average price of $31.35 and a 200-day moving average price of $29.40.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. The firm had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same quarter last year, the firm earned $0.64 EPS. Equities research analysts forecast that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.20%. Cadence Bank’s dividend payout ratio is presently 31.95%.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its stake in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares in the last quarter. Rise Advisors LLC purchased a new position in shares of Cadence Bank in the 1st quarter valued at about $34,000. Innealta Capital LLC purchased a new position in shares of Cadence Bank in the 2nd quarter valued at about $138,000. Argent Advisors Inc. purchased a new position in shares of Cadence Bank in the 1st quarter valued at about $204,000. Finally, Lavaca Capital LLC purchased a new position in shares of Cadence Bank in the 1st quarter valued at about $207,000. Hedge funds and other 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.