Cadence Bank (NYSE:CADE) Reaches New 12-Month High – Time to Buy?

Shares of Cadence Bank (NYSE:CADE) hit a new 52-week high on Wednesday . The company traded as high as $37.52 and last traded at $37.52, with a volume of 304672 shares changing hands. The stock had previously closed at $33.69.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CADE. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and raised their target price for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Royal Bank of Canada increased their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Stephens reaffirmed an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Finally, Barclays lifted their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Price Performance

The business has a 50-day moving average of $32.11 and a 200 day moving average of $30.34. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $7.00 billion, a P/E ratio of 10.86 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.56 earnings per share. On average, sell-side analysts predict that Cadence Bank will post 2.69 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.60%. Cadence Bank’s payout ratio is 28.74%.

Hedge Funds Weigh In On Cadence Bank

Several large investors have recently bought and sold shares of CADE. V Square Quantitative Management LLC purchased a new position in Cadence Bank during the third quarter worth about $25,000. GAMMA Investing LLC increased its holdings in Cadence Bank by 77.0% in 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 last quarter. Innealta Capital LLC bought a new stake in Cadence Bank in the 2nd quarter valued at about $138,000. KBC Group NV lifted its holdings in Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after purchasing an additional 519 shares during the last quarter. Finally, Americana Partners LLC bought a new stake in shares of Cadence Bank in the third quarter valued at approximately $201,000. 84.61% of the stock is currently owned by institutional investors.

Cadence Bank Company Profile

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.