Cadence Bank (NYSE:CADE) Hits New 52-Week High – Here’s Why

Cadence Bank (NYSE:CADE) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $39.96 and last traded at $39.67, with a volume of 58547 shares trading hands. The stock had previously closed at $38.88.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CADE shares. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson boosted their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Barclays raised their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Truist Financial upped their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada raised their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Five equities research 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 company. Based on data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Price Performance

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 company has a market cap of $7.04 billion, a PE ratio of 11.10 and a beta of 0.95. The firm has a 50 day moving average of $33.99 and a two-hundred day moving average of $31.26.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.56 earnings per share. Research analysts predict that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently declared 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. This represents a $1.00 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is currently 28.74%.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank in the third quarter worth $25,000. Point72 Hong Kong Ltd purchased a new position in shares of Cadence Bank during the third quarter valued at approximately $32,000. GAMMA Investing LLC raised its holdings in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares during the last quarter. Innealta Capital LLC bought a new position in Cadence Bank during the second quarter valued at approximately $138,000. Finally, TD Private Client Wealth LLC grew its position in Cadence Bank by 23.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock worth $158,000 after purchasing an additional 926 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.