Cadence Bank (NYSE:CADE) Price Target Raised to $41.00 at Barclays

Cadence Bank (NYSE:CADE) had its price objective increased by Barclays from $37.00 to $41.00 in a research note published on Thursday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other equities analysts also recently commented on CADE. Royal Bank of Canada upped 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 note on Wednesday, October 23rd. DA Davidson increased their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Truist Financial raised their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $36.63.

Cadence Bank Trading Down 0.5 %

Shares of NYSE CADE opened at $37.44 on Thursday. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $6.82 billion, a price-to-earnings ratio of 10.76 and a beta of 0.98. The business’s 50 day moving average price is $34.97 and its 200-day moving average price is $31.72.

Cadence Bank (NYSE:CADE) last released its earnings results 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 business had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $0.56 earnings per share. On average, sell-side analysts expect that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued 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 2.67%. Cadence Bank’s dividend payout ratio is presently 28.74%.

Institutional Investors Weigh In On Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of Cadence Bank by 1.2% during the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock valued at $523,074,000 after acquiring an additional 195,773 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Cadence Bank by 6.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares during the last quarter. State Street Corp increased its stake in Cadence Bank by 1.9% during the 3rd quarter. State Street Corp now owns 8,872,085 shares of the company’s stock valued at $284,759,000 after purchasing an additional 165,282 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after buying an additional 39,679 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cadence Bank by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,242,486 shares of the company’s stock worth $71,423,000 after buying an additional 105,231 shares during the period. 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.