Cadence Bank (NYSE:CADE) Rating Increased to Overweight at Morgan Stanley

Cadence Bank (NYSE:CADE) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a report issued on Monday, Marketbeat.com reports. The brokerage presently has a $39.00 price target on the stock, up from their prior price target of $36.00. Morgan Stanley’s target price points to a potential upside of 27.70% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Truist Financial cut their price objective on Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. DA Davidson lifted their price target on shares of Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Hovde Group boosted their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Stephens reaffirmed an “overweight” rating and issued a $35.00 target price on shares of Cadence Bank in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group reduced their price target on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.88.

Cadence Bank Stock Performance

Shares of CADE stock opened at $30.54 on Monday. The company has a market capitalization of $5.57 billion, a P/E ratio of 9.76 and a beta of 0.97. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a 50 day moving average price of $31.28 and a two-hundred day moving average price of $29.46.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. During the same period in the prior year, the firm posted $0.64 earnings per share. Analysts expect that Cadence Bank will post 2.55 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Cadence Bank by 4.9% in the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after buying an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after acquiring an additional 593,878 shares in the last quarter. Wellington Management Group LLP boosted its stake in Cadence Bank by 7.3% during the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after purchasing an additional 574,633 shares during the last quarter. Ranger Investment Management L.P. boosted its stake in Cadence Bank by 59.4% during the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock valued at $31,205,000 after purchasing an additional 393,037 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in shares of Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock worth $51,034,000 after purchasing an additional 227,395 shares in the last quarter. 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.