Cadence Bank (NYSE:CADE) Earns “Overweight” Rating from Stephens

Stephens reaffirmed their overweight rating on shares of Cadence Bank (NYSE:CADE) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $42.00 price target on the stock.

Several other equities analysts also recently weighed in on the company. DA Davidson raised their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Truist Financial lifted their price target 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 raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. 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 research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods increased their price target 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. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average target price of $38.14.

Cadence Bank Price Performance

Cadence Bank stock opened at $35.13 on Thursday. The company has a market cap of $6.40 billion, a P/E ratio of 12.68 and a beta of 1.00. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The business has a fifty day moving average of $35.98 and a two-hundred day moving average of $33.56. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping 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 quarter in the prior year, the company earned $0.40 EPS. As a group, analysts predict that Cadence Bank will post 2.87 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date is Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is currently 39.71%.

Institutional Investors Weigh In On Cadence Bank

Institutional investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. purchased a new position in shares of Cadence Bank in the 3rd quarter worth $11,727,000. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares during the period. Segall Bryant & Hamill LLC lifted its stake in shares of Cadence Bank by 21.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after purchasing an additional 237,748 shares in the last quarter. FMR LLC grew its holdings in shares of Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after purchasing an additional 195,773 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Cadence Bank during the 3rd quarter worth approximately $5,511,000. 84.61% of the stock is currently 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.