Cadence Bank’s (CADE) “Overweight” Rating Reiterated at Stephens

Stephens reiterated their overweight rating on shares of Cadence Bank (NYSE:CADE) in a research note published on Tuesday,Benzinga reports. Stephens currently has a $40.00 price target on the stock.

A number of other equities research analysts have also recently commented on the stock. Hovde Group decreased their target price on shares of Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a research report on Wednesday, April 2nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Morgan Stanley reduced their target price on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Citigroup increased their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Finally, Barclays dropped their price target on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $37.36.

Cadence Bank Stock Up 2.6 %

Cadence Bank stock opened at $29.14 on Tuesday. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The business has a fifty day moving average of $29.92 and a two-hundred day moving average of $33.49. The firm has a market cap of $5.31 billion, a P/E ratio of 10.52 and a beta of 0.87.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.07. The company had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter last year, the company earned $0.62 earnings per share. Equities analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.77%. The ex-dividend date is Friday, June 13th. Cadence Bank’s payout ratio is 38.60%.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors have recently modified their holdings of CADE. Brooklyn Investment Group purchased a new position in Cadence Bank during the fourth quarter valued at approximately $26,000. Mather Group LLC. grew its stake in shares of Cadence Bank by 716.2% during the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. purchased a new position in shares of Cadence Bank during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its stake in shares of Cadence Bank by 163.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after purchasing an additional 722 shares during the period. Finally, Abound Wealth Management boosted its holdings in Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after buying an additional 1,150 shares in the last quarter. Hedge funds and other institutional investors 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.