Zacks Investment Research Lowers Cadence Bank (NYSE:CADE) to Hold

Zacks Investment Research cut shares of Cadence Bank (NYSE:CADEGet Rating) from a buy rating to a hold rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Cadence Bank provides consumers, businesses and corporations with banking and financial solutions. The company’s services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance. Cadence Bank, formerly known as BancorpSouth Bank, is based in TUPELO, Miss. “

CADE has been the topic of several other research reports. Raymond James boosted their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a strong-buy rating in a research note on Thursday, January 27th. TheStreet cut Cadence Bank from a b rating to a c+ rating in a research note on Wednesday, April 13th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $36.40.

Shares of CADE stock opened at $26.11 on Thursday. The business’s 50-day moving average price is $28.89 and its 200-day moving average price is $29.42. Cadence Bank has a 12 month low of $25.39 and a 12 month high of $34.24. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 13.81 and a beta of 1.01. The company has a current ratio of 0.68, a quick ratio of 0.67 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADEGet Rating) last issued its quarterly earnings data on Monday, April 25th. The company reported $0.60 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.60. Cadence Bank had a net margin of 15.49% and a return on equity of 11.01%. The business had revenue of $440.26 million during the quarter, compared to analyst estimates of $427.57 million. During the same quarter last year, the business earned $0.73 EPS. On average, sell-side analysts predict that Cadence Bank will post 2.79 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 3.37%. Cadence Bank’s dividend payout ratio (DPR) is currently 46.56%.

Several institutional investors have recently made changes to their positions in the stock. Covestor Ltd bought a new stake in Cadence Bank in the fourth quarter worth approximately $25,000. Founders Capital Management acquired a new stake in shares of Cadence Bank during the 4th quarter worth approximately $30,000. Quadrant Capital Group LLC bought a new stake in shares of Cadence Bank in the 4th quarter valued at $30,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Cadence Bank during the 4th quarter valued at $34,000. Finally, Signaturefd LLC boosted its stake in Cadence Bank by 1,920.4% during the fourth quarter. Signaturefd LLC now owns 1,980 shares of the company’s stock worth $59,000 after acquiring an additional 1,882 shares in the last quarter. Institutional investors own 84.43% of the company’s stock.

Cadence Bank Company Profile (Get Rating)

Cadence Bank provides commercial banking and financial services in the United States. 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.

Read More

Get a free copy of the Zacks research report on Cadence Bank (CADE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cadence Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Bank and related companies with MarketBeat.com's FREE daily email newsletter.