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

Cadence Bank (NYSE:CADE) had its price objective raised by Barclays from $33.00 to $35.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also recently weighed in on CADE. Hovde Group boosted their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an outperform rating in a report on Wednesday, July 24th. Piper Sandler cut 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. Truist Financial decreased their price objective on Cadence Bank from $38.00 to $37.00 and set a buy rating on the stock in a report on Friday, September 20th. Jefferies Financial Group decreased their price objective on Cadence Bank from $31.00 to $29.00 and set a hold rating on the stock in a report on Wednesday, July 3rd. Finally, Morgan Stanley upped their price objective on Cadence Bank from $30.00 to $36.00 and gave the company an equal weight rating in a report on Monday, August 5th. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $34.63.

Cadence Bank Trading Down 1.1 %

Shares of Cadence Bank stock opened at $31.28 on Friday. The stock has a market cap of $5.70 billion, a P/E ratio of 9.99 and a beta of 0.97. The stock’s 50 day simple moving average is $31.35 and its 200-day simple moving average is $29.40. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. The business had revenue of $742.87 million for 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 period in the previous year, the firm posted $0.64 EPS. Analysts predict that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CADE. Vanguard Group Inc. lifted its stake in Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after purchasing an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after acquiring an additional 593,878 shares during the period. Wellington Management Group LLP increased its position in shares of Cadence Bank by 7.3% during the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock worth $248,633,000 after acquiring an additional 574,633 shares during the period. Ranger Investment Management L.P. increased its position in shares of Cadence Bank by 59.4% during the fourth quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after acquiring an additional 393,037 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its position in shares of Cadence Bank by 14.8% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock worth $51,034,000 after acquiring an additional 227,395 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.