Cadence Bank (NYSE:CADE) Price Target Increased to $36.50 by Analysts at Hovde Group

Cadence Bank (NYSE:CADE) had its price target upped by Hovde Group from $33.00 to $36.50 in a research report report published on Wednesday, MarketBeat.com reports. Hovde Group currently has an outperform rating on the stock.

Several other analysts have also commented on the stock. Royal Bank of Canada restated a sector perform rating and issued a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Stephens reiterated an overweight rating and set a $35.00 target price on shares of Cadence Bank in a report on Tuesday, July 23rd. Jefferies Financial Group lowered their target price on shares of Cadence Bank from $31.00 to $29.00 and set a hold rating for the company in a report on Wednesday, July 3rd. Barclays lifted their target price on shares of Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a report on Monday, June 24th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a report on Wednesday, April 24th. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $33.79.

Cadence Bank Stock Up 0.4 %

NYSE CADE opened at $33.51 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $6.11 billion, a PE ratio of 10.71 and a beta of 0.98. Cadence Bank has a 1 year low of $19.67 and a 1 year high of $34.13. The business’s 50-day moving average is $28.96 and its 200 day moving average is $28.29.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (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 company had revenue of $742.87 million for the quarter, compared to analysts’ expectations of $439.63 million. During the same period last year, the firm earned $0.64 earnings per share. Sell-side analysts forecast that Cadence Bank will post 2.55 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is currently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the period. Wolverine Asset Management LLC grew its position in Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares during the period. Rise Advisors LLC bought a new stake in Cadence Bank in the 1st quarter worth approximately $34,000. Argent Advisors Inc. bought a new stake in Cadence Bank in the 1st quarter worth approximately $204,000. Finally, Moody Lynn & Lieberson LLC bought a new stake in Cadence Bank in the 4th quarter worth approximately $205,000. 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.