Cadence Bank (NYSE:CADE) Receives “Overweight” Rating from Stephens

Stephens reissued their overweight rating on shares of Cadence Bank (NYSE:CADE) in a report released on Tuesday morning, Benzinga reports. The firm currently has a $33.00 price target on the stock.

Several other research firms have also weighed in on CADE. Barclays began coverage on Cadence Bank in a research note on Friday, March 8th. They issued an equal weight rating and a $28.00 price objective on the stock. Citigroup increased their price target on Cadence Bank from $27.00 to $32.00 and gave the stock a neutral rating in a research report on Friday, December 29th. Royal Bank of Canada restated a sector perform rating and set a $31.00 price target on shares of Cadence Bank in a research report on Tuesday, April 9th. Raymond James decreased their price target on Cadence Bank from $35.00 to $34.00 and set a strong-buy rating on the stock in a research report on Wednesday, January 31st. Finally, DA Davidson restated a buy rating on shares of Cadence Bank in a research report on Monday, January 15th. Six research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $30.75.

Cadence Bank Trading Up 4.2 %

CADE stock opened at $28.90 on Tuesday. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The firm has a market cap of $5.28 billion, a P/E ratio of 9.93 and a beta of 1.02. The business’s 50 day moving average is $27.62 and its 200-day moving average is $26.51. 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:CADE) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The company had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same period in the prior year, the company posted $0.68 EPS. The company’s revenue was up 12.6% compared to the same quarter last year. Equities analysts anticipate that Cadence Bank will post 2.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System lifted its holdings in Cadence Bank by 2.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 52,600 shares of the company’s stock worth $1,525,000 after buying an additional 1,300 shares in the last quarter. Wesbanco Bank Inc. acquired a new position in shares of Cadence Bank in the 1st quarter valued at $1,358,000. New Perspectives Inc acquired a new position in shares of Cadence Bank in the 1st quarter valued at $208,000. State of Michigan Retirement System lifted its stake in shares of Cadence Bank by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock valued at $1,299,000 after purchasing an additional 1,000 shares during the period. Finally, Vaughan Nelson Investment Management L.P. lifted its stake in shares of Cadence Bank by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock valued at $51,034,000 after purchasing an additional 227,395 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.