Cadence Bank (NYSE:CADE) Price Target Raised to $33.00 at Truist Financial

Cadence Bank (NYSE:CADEFree Report) had its price objective lifted by Truist Financial from $32.00 to $33.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on CADE. DA Davidson restated a buy rating on shares of Cadence Bank in a report on Monday, January 15th. Morgan Stanley lifted their price target on Cadence Bank from $24.00 to $27.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Hovde Group downgraded shares of Cadence Bank from an outperform rating to a market perform rating and set a $32.50 price objective for the company. in a research note on Tuesday, January 30th. Barclays started coverage on shares of Cadence Bank in a research report on Friday, March 8th. They issued an equal weight rating and a $28.00 target price on the stock. Finally, Royal Bank of Canada restated a sector perform rating and issued a $31.00 target price on shares of Cadence Bank in a report on Wednesday, January 31st. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank presently has an average rating of Moderate Buy and a consensus target price of $29.77.

Get Our Latest Research Report on Cadence Bank

Cadence Bank Trading Down 1.0 %

Cadence Bank stock opened at $28.72 on Monday. The stock has a 50-day moving average price of $27.61 and a 200 day moving average price of $25.80. Cadence Bank has a 52 week low of $16.95 and a 52 week high of $31.45. The stock has a market cap of $5.25 billion, a PE ratio of 9.87 and a beta of 1.01. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADEGet Free Report) last issued its quarterly earnings results on Monday, January 29th. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.13). The firm had revenue of $23.15 million for the quarter, compared to analysts’ expectations of $433.99 million. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. Equities research analysts predict that Cadence Bank will post 2.42 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.48%. Cadence Bank’s dividend payout ratio (DPR) is 34.36%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Metropolitan Life Insurance Co NY grew its stake in Cadence Bank by 3.5% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 11,141 shares of the company’s stock valued at $275,000 after purchasing an additional 373 shares in the last quarter. Creative Planning grew its position in shares of Cadence Bank by 3.0% during the fourth quarter. Creative Planning now owns 13,051 shares of the company’s stock worth $322,000 after buying an additional 386 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Cadence Bank by 8.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after buying an additional 524 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in Cadence Bank by 3.8% in the third quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock valued at $345,000 after acquiring an additional 589 shares in the last quarter. Finally, Stifel Financial Corp raised its holdings in Cadence Bank by 3.1% in the third quarter. Stifel Financial Corp now owns 22,050 shares of the company’s stock valued at $468,000 after acquiring an additional 665 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

About Cadence Bank

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Cadence Bank (NYSE:CADE)

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.