Cadence Bank (NYSE:CADE) Price Target Raised to $38.00

Cadence Bank (NYSE:CADE) had its target price hoisted by Citigroup from $37.00 to $38.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

CADE has been the subject of a number of other research reports. Truist Financial upped their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Stephens reaffirmed an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, DA Davidson boosted their target price on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.13.

Cadence Bank Price Performance

Cadence Bank stock opened at $35.24 on Monday. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of 12.72 and a beta of 1.00. 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 12 month low of $24.99 and a 12 month high of $40.20. The stock’s 50 day moving average is $35.86 and its 200-day moving average is $33.68.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.98%. During the same period in the prior year, the company posted $0.40 earnings per share. Equities research analysts expect that Cadence Bank will post 2.87 EPS for the current year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.275 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Friday, March 14th. Cadence Bank’s payout ratio is currently 39.71%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CADE. Vaughan Nelson Investment Management L.P. raised its position in Cadence Bank by 7.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,234,733 shares of the company’s stock valued at $76,986,000 after buying an additional 151,215 shares during the last quarter. Vest Financial LLC grew its stake in shares of Cadence Bank by 53.9% in the 4th quarter. Vest Financial LLC now owns 71,841 shares of the company’s stock worth $2,475,000 after acquiring an additional 25,160 shares in the last quarter. Fairvoy Private Wealth LLC bought a new stake in shares of Cadence Bank in the 4th quarter worth $564,000. Keystone Financial Group Inc. purchased a new stake in shares of Cadence Bank in the fourth quarter valued at about $31,000. Finally, Bleakley Financial Group LLC bought a new position in shares of Cadence Bank during the fourth quarter valued at about $561,000. 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.