Cadence Bank (NYSE:CADE) Price Target Cut to $35.00 by Analysts at Hovde Group

Cadence Bank (NYSE:CADE) had its price objective trimmed by Hovde Group from $40.00 to $35.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods raised their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Citigroup boosted their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. Morgan Stanley decreased their price objective on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Stephens reiterated an “overweight” rating and issued a $42.00 target price on shares of Cadence Bank in a report on Thursday, January 23rd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $38.64.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $30.47 on Wednesday. The business’s 50-day moving average is $32.60 and its 200-day moving average is $34.01. Cadence Bank has a 1 year low of $26.16 and a 1 year high of $40.20. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 11.00 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the firm earned $0.40 EPS. Analysts anticipate that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.275 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend was Friday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 39.71%.

Institutional Investors Weigh In On Cadence Bank

Institutional investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund boosted its holdings in shares of Cadence Bank by 0.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock worth $1,284,000 after buying an additional 300 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Cadence Bank by 19.3% during the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock worth $64,000 after purchasing an additional 301 shares during the last quarter. Ironwood Investment Management LLC raised its holdings in shares of Cadence Bank by 1.2% in the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company’s stock worth $1,039,000 after purchasing an additional 354 shares during the period. Arizona State Retirement System lifted its stake in Cadence Bank by 0.8% in the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company’s stock valued at $1,827,000 after purchasing an additional 415 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in Cadence Bank by 1.4% during the third quarter. HighTower Advisors LLC now owns 43,940 shares of the company’s stock valued at $1,406,000 after purchasing an additional 599 shares during the period. 84.61% of the stock is owned by 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.