Stephens Reaffirms “Overweight” Rating for Cadence Bank (NYSE:CADE)

Stephens restated their overweight rating on shares of Cadence Bank (NYSE:CADE) in a research note released on Tuesday morning, Benzinga reports. They currently have a $35.00 price target on the stock.

CADE has been the topic of a number of other reports. Jefferies Financial Group dropped their price objective on Cadence Bank from $31.00 to $29.00 and set a hold rating on the stock in a research note on Wednesday, July 3rd. Hovde Group upgraded Cadence Bank from a market perform rating to an outperform rating and lifted their price objective for the stock from $32.50 to $33.00 in a research note on Wednesday, April 24th. Barclays lifted their price objective on Cadence Bank from $29.00 to $30.00 and gave the stock an equal weight rating in a research note on Monday, June 24th. Truist Financial lowered their price target on Cadence Bank from $33.00 to $31.00 and set a buy rating on the stock in a research note on Monday, July 8th. Finally, Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a research note on Wednesday, April 24th. Six investment 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $33.79.

Cadence Bank Trading Up 0.8 %

Cadence Bank stock opened at $33.37 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The business’s 50-day simple moving average is $28.88 and its 200-day simple moving average is $28.26. The firm has a market capitalization of $6.08 billion, a PE ratio of 10.66 and a beta of 0.98. Cadence Bank has a 52 week low of $19.67 and a 52 week 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 analysts’ consensus estimates of $0.61 by $0.08. The business had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a return on equity of 9.00% and a net margin of 24.42%. During the same period in the previous year, the company posted $0.64 earnings per share. Equities research analysts forecast that Cadence Bank will post 2.48 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.00%. Cadence Bank’s dividend payout ratio is currently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Several large investors have recently modified their holdings of CADE. Vanguard Group Inc. boosted its holdings in shares of Cadence Bank by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 19,172,865 shares of the company’s stock worth $406,848,000 after acquiring an additional 69,805 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Cadence Bank by 79.5% in the 4th quarter. Pacer Advisors Inc. now owns 27,460 shares of the company’s stock worth $813,000 after acquiring an additional 12,158 shares in the last quarter. Precedent Wealth Partners LLC acquired a new position in shares of Cadence Bank in the 4th quarter worth approximately $223,000. AlphaMark Advisors LLC boosted its holdings in shares of Cadence Bank by 6.8% in the 4th quarter. AlphaMark Advisors LLC now owns 11,482 shares of the company’s stock worth $340,000 after acquiring an additional 728 shares in the last quarter. Finally, Stonegate Investment Group LLC acquired a new position in shares of Cadence Bank in the 4th quarter worth approximately $258,000. 84.61% of the stock is currently owned by 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.