Cadence Bank (NYSE:CADE) Stock Rating Upgraded by Hovde Group

Hovde Group upgraded shares of Cadence Bank (NYSE:CADE) from a market perform rating to an outperform rating in a research report report published on Wednesday, MarketBeat.com reports. They currently have $33.00 price target on the stock, up from their previous price target of $32.50.

Other analysts have also issued research reports about the stock. DA Davidson reissued a buy rating on shares of Cadence Bank in a report on Monday, January 15th. Stephens reissued an overweight rating and issued a $33.00 price target on shares of Cadence Bank in a report on Tuesday. Truist Financial raised their price target on shares of Cadence Bank from $32.00 to $33.00 and gave the company a buy rating in a report on Monday, April 1st. Barclays began coverage on shares of Cadence Bank in a report on Friday, March 8th. They set an equal weight rating and a $28.00 target price for the company. Finally, TheStreet lowered shares of Cadence Bank from a b rating to a c rating in a report on Tuesday, January 30th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $31.09.

Cadence Bank Stock Performance

NYSE:CADE opened at $29.37 on Wednesday. Cadence Bank has a 1 year low of $16.95 and a 1 year high of $31.45. The firm has a 50 day moving average of $27.68 and a 200-day moving average of $26.53. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $5.36 billion, a P/E ratio of 9.38 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The business had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 9.22%. Cadence Bank’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.68 earnings per share. As a group, sell-side analysts anticipate that Cadence Bank will post 2.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in CADE. SG Americas Securities LLC boosted its position in shares of Cadence Bank by 109.1% during the third quarter. SG Americas Securities LLC now owns 82,899 shares of the company’s stock worth $1,759,000 after purchasing an additional 43,252 shares in the last quarter. Sheets Smith Wealth Management lifted its position in Cadence Bank by 3.8% in the 3rd 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. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cadence Bank by 19.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,966 shares of the company’s stock valued at $806,000 after acquiring an additional 6,259 shares in the last quarter. Strs Ohio lifted its position in Cadence Bank by 12.1% in the 3rd quarter. Strs Ohio now owns 15,700 shares of the company’s stock valued at $333,000 after acquiring an additional 1,700 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after acquiring an additional 524 shares in the last quarter. 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.