Truist Financial Trims Cadence Bank (NYSE:CADE) Target Price to $31.00

Cadence Bank (NYSE:CADEGet Free Report) had its price target cut by equities research analysts at Truist Financial from $33.00 to $31.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 10.52% from the stock’s current price.

Other research analysts have also issued reports about the stock. Stephens restated an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a research report on Tuesday, April 23rd. Hovde Group upgraded shares of Cadence Bank from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $32.50 to $33.00 in a research report on Wednesday, April 24th. Barclays upped their target price on shares of Cadence Bank from $29.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Monday, June 24th. Keefe, Bruyette & Woods upped their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Finally, Jefferies Financial Group cut their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Read Our Latest Stock Report on Cadence Bank

Cadence Bank Stock Performance

CADE stock traded up $0.18 during midday trading on Monday, reaching $28.05. 78,603 shares of the company’s stock traded hands, compared to its average volume of 1,293,508. The company has a 50-day moving average price of $28.30 and a two-hundred day moving average price of $28.10. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. Cadence Bank has a 52 week low of $19.42 and a 52 week high of $31.45. The firm has a market capitalization of $5.11 billion, a PE ratio of 8.96 and a beta of 0.98.

Cadence Bank (NYSE:CADEGet Free Report) last released its quarterly earnings results on Friday, April 26th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The firm 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 8.97%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.68 EPS. As a group, equities analysts anticipate that Cadence Bank will post 2.48 EPS for the current year.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after acquiring an additional 940,895 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cadence Bank by 4.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after acquiring an additional 376,989 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Cadence Bank by 7.3% during the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after acquiring an additional 574,633 shares during the last quarter. Norges Bank bought a new position in shares of Cadence Bank during the fourth quarter valued at about $60,490,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Cadence Bank by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,017,359 shares of the company’s stock worth $59,694,000 after buying an additional 77,563 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

Cadence Bank Company Profile

(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.

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