Cadence Bank (NYSE:CADE) Receives $38.77 Average PT from Brokerages

Cadence Bank (NYSE:CADE) has received a consensus rating of “Moderate Buy” from the eleven brokerages that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $38.77.

A number of brokerages recently weighed in on CADE. Morgan Stanley reduced their target price on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 target price on shares of Cadence Bank in a report on Friday, January 24th. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Citigroup lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Finally, Stephens restated an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a research note on Thursday, January 23rd.

Cadence Bank Price Performance

CADE opened at $30.30 on Monday. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 10.94 and a beta of 0.96. The business has a 50-day moving average of $33.34 and a two-hundred day moving average of $34.03. Cadence Bank has a 12 month low of $26.16 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same period in the previous year, the company earned $0.40 EPS. Equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is 39.71%.

Institutional Investors Weigh In On Cadence Bank

A number of hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp increased its stake in shares of Cadence Bank by 122.5% during the fourth quarter. Mackenzie Financial Corp now owns 300,652 shares of the company’s stock valued at $10,357,000 after acquiring an additional 165,509 shares during the period. Forum Financial Management LP acquired a new position in shares of Cadence Bank during the fourth quarter valued at approximately $216,000. Neo Ivy Capital Management acquired a new position in shares of Cadence Bank during the fourth quarter valued at approximately $344,000. GTS Securities LLC acquired a new position in shares of Cadence Bank during the fourth quarter valued at approximately $454,000. Finally, Focus Partners Advisor Solutions LLC acquired a new position in Cadence Bank in the fourth quarter worth approximately $690,000. 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.