Piper Sandler Downgrades Cadence Bank (NYSE:CADE) to Neutral

Cadence Bank (NYSE:CADE) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They currently have a $34.00 price objective on the stock, up from their prior price objective of $33.00. Piper Sandler’s target price would suggest a potential upside of 1.89% from the company’s current price.

Several other research firms have also commented on CADE. Barclays increased their target price on Cadence Bank from $29.00 to $30.00 and gave the company an “equal weight” rating in a report on Monday, June 24th. Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $32.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Jefferies Financial Group decreased their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research note on Wednesday, July 3rd. Hovde Group upgraded shares of Cadence Bank from a “market perform” rating to an “outperform” rating and increased their price target for the company from $32.50 to $33.00 in a research note on Wednesday, April 24th. Finally, Stephens restated an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus target price of $33.79.

Cadence Bank Stock Performance

Shares of CADE opened at $33.37 on Wednesday. Cadence Bank has a 1 year low of $19.67 and a 1 year high of $34.13. The stock has a market capitalization of $6.08 billion, a PE ratio of 10.66 and a beta of 0.98. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a 50-day simple moving average of $28.88 and a 200-day simple moving average of $28.26.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share 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 9.00%. The firm had revenue of $742.87 million for the quarter, compared to analysts’ expectations of $439.63 million. During the same quarter last year, the company earned $0.64 earnings per share. On average, analysts predict that Cadence Bank will post 2.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Bank

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position in Cadence Bank by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the period. Wolverine Asset Management LLC increased its holdings in shares of Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after purchasing an additional 952 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Cadence Bank during the 1st quarter valued at approximately $34,000. Argent Advisors Inc. acquired a new position in Cadence Bank during the first quarter worth $204,000. Finally, Moody Lynn & Lieberson LLC purchased a new stake in shares of Cadence Bank in the 4th quarter worth about $205,000. Hedge funds and other 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.