Analysts Set Cadence Bank (NYSE:CADE) Target Price at $38.50

Cadence Bank (NYSE:CADE) has earned an average rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $38.50.

Several research firms have issued reports on CADE. Royal Bank of Canada reissued a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Keefe, Bruyette & Woods boosted their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup boosted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Finally, Stephens reissued an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds have recently modified their holdings of CADE. Allspring Global Investments Holdings LLC purchased a new stake in Cadence Bank during the third quarter valued at approximately $5,511,000. Moody Aldrich Partners LLC lifted its position in Cadence Bank by 28.6% during the third quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock valued at $9,394,000 after acquiring an additional 65,595 shares during the last quarter. Moody Lynn & Lieberson LLC purchased a new stake in Cadence Bank during the third quarter valued at approximately $220,000. State of Alaska Department of Revenue lifted its position in Cadence Bank by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 21,160 shares of the company’s stock valued at $673,000 after acquiring an additional 1,435 shares during the last quarter. Finally, Leuthold Group LLC purchased a new stake in Cadence Bank during the third quarter valued at approximately $2,743,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Down 0.1 %

CADE stock opened at $32.46 on Thursday. Cadence Bank has a 12 month low of $26.16 and a 12 month high of $40.20. The company has a 50-day moving average price of $34.66 and a 200 day moving average price of $34.09. The stock has a market cap of $5.91 billion, a PE ratio of 11.72 and a beta of 0.99.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the previous year, the business posted $0.40 earnings per share. Sell-side analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is presently 39.71%.

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.