Cadence Bank (NYSE:CADE) Price Target Cut to $42.00 by Analysts at Morgan Stanley

Cadence Bank (NYSE:CADE) had its price objective reduced by Morgan Stanley from $46.00 to $42.00 in a research note published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts also recently issued reports on CADE. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a report on Friday, January 24th. Keefe, Bruyette & Woods boosted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Citigroup boosted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Finally, Stephens reissued an “overweight” rating and issued a $42.00 price target on shares of Cadence Bank in a research note on Thursday, January 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.77.

Cadence Bank Price Performance

CADE opened at $29.35 on Thursday. The company has a fifty day moving average price of $33.96 and a 200-day moving average price of $34.12. The firm has a market capitalization of $5.35 billion, a P/E ratio of 10.59 and a beta of 0.96. Cadence Bank has a one year low of $26.16 and a one year high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the prior year, the company posted $0.40 earnings per share. On average, analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.75%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. Cadence Bank’s dividend payout ratio is 39.71%.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently modified their holdings of CADE. Norges Bank bought a new position in shares of Cadence Bank during the fourth quarter valued at about $71,915,000. Millennium Management LLC increased its position in shares of Cadence Bank by 846.1% during the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock valued at $36,273,000 after buying an additional 941,613 shares during the period. Boston Partners purchased a new position in shares of Cadence Bank during the fourth quarter valued at about $24,834,000. First Trust Advisors LP increased its position in shares of Cadence Bank by 21.2% during the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock valued at $90,753,000 after buying an additional 460,486 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Cadence Bank during the fourth quarter valued at about $13,225,000. 84.61% of the stock is 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.