Barclays Upgrades Cadence Bank (NYSE:CADE) to Overweight

Barclays upgraded shares of Cadence Bank (NYSE:CADE) from an equal weight rating to an overweight rating in a research report report published on Thursday, MarketBeat Ratings reports. Barclays currently has $44.00 price target on the stock, up from their prior price target of $41.00.

Other equities analysts have also issued research reports about the stock. Keefe, Bruyette & Woods increased their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Truist Financial raised their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $36.00 to $39.00 in a report on Monday, September 30th. DA Davidson boosted their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada lifted their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and an average target price of $36.88.

Cadence Bank Stock Down 0.3 %

Cadence Bank stock opened at $33.77 on Thursday. The firm has a market capitalization of $6.15 billion, a price-to-earnings ratio of 9.70 and a beta of 0.98. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a 1-year low of $24.99 and a 1-year high of $40.20. The firm’s fifty day moving average price is $36.00 and its two-hundred day moving average price is $32.26.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the prior year, the business earned $0.56 earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.96%. Cadence Bank’s payout ratio is currently 28.74%.

Hedge Funds Weigh In On Cadence Bank

Institutional investors have recently made changes to their positions in the company. KBC Group NV lifted its position in shares of Cadence Bank by 11.5% in the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after acquiring an additional 519 shares in the last quarter. Algert Global LLC raised its position in Cadence Bank by 2.8% in the third quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after purchasing an additional 522 shares during the period. GAMMA Investing LLC lifted its stake in Cadence Bank by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after acquiring an additional 559 shares in the last quarter. HighTower Advisors LLC boosted its position in Cadence Bank by 1.4% in the 3rd quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock valued at $1,406,000 after buying an additional 599 shares during the period. Finally, Tidal Investments LLC raised its position in Cadence Bank by 8.1% in the 3rd quarter. Tidal Investments LLC now owns 9,769 shares of the company’s stock valued at $311,000 after purchasing an additional 730 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other 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.