Barclays Raises Cadence Bank (NYSE:CADE) Price Target to $35.00

Cadence Bank (NYSE:CADE) had its price objective raised by Barclays from $33.00 to $35.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts have also weighed in on the company. Morgan Stanley boosted their price target on Cadence Bank from $30.00 to $36.00 and gave the stock an equal weight rating in a research note on Monday, August 5th. Stephens reiterated an overweight rating and set a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an outperform rating in a research note on Wednesday, July 24th. Royal Bank of Canada upped their target price on Cadence Bank from $31.00 to $35.00 and gave the company a sector perform rating in a research report on Wednesday, July 24th. Finally, DA Davidson raised their price target on shares of Cadence Bank from $34.50 to $39.00 and gave the stock a buy rating in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $34.88.

Cadence Bank Stock Up 1.8 %

Shares of Cadence Bank stock opened at $31.85 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. The company has a market cap of $5.80 billion, a P/E ratio of 10.18 and a beta of 0.97. The firm’s 50 day moving average price is $31.35 and its 200-day moving average price is $29.44. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. The business had revenue of $742.87 million for the quarter, compared to the consensus estimate of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same period in the prior year, the firm posted $0.64 earnings per share. On average, sell-side analysts predict that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.14%. Cadence Bank’s dividend payout ratio (DPR) is currently 31.95%.

Hedge Funds Weigh In On Cadence Bank

Hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC increased its position in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares in the last quarter. Rise Advisors LLC acquired a new position in Cadence Bank in the first quarter valued at approximately $34,000. Innealta Capital LLC purchased a new position in Cadence Bank in the second quarter worth approximately $138,000. Argent Advisors Inc. acquired a new stake in Cadence Bank during the first quarter worth $204,000. Finally, Lavaca Capital LLC purchased a new stake in Cadence Bank in the 1st quarter valued at about $207,000. 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.