Cadence Bank (NYSE:CADE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cadence Bank (NYSE:CADE) from a sell rating to a hold rating in a research note released on Friday.

Several other brokerages have also recently issued reports on CADE. Hovde Group raised their price objective on Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Barclays restated an “overweight” rating and issued a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Royal Bank Of Canada dropped their target price on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, May 9th. Finally, DA Davidson dropped their target price on Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.50.

Cadence Bank Trading Down 0.3%

Cadence Bank stock opened at $34.91 on Friday. The stock has a 50-day moving average of $32.00 and a two-hundred day moving average of $31.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The stock has a market cap of $6.36 billion, a PE ratio of 12.25 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. The company had revenue of $448.55 million during the quarter, compared to analysts’ expectations of $451.61 million. During the same period last year, the business posted $0.62 earnings per share. On average, research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank announced that its Board of Directors has approved a stock repurchase plan on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.15%. The ex-dividend date was Friday, June 13th. Cadence Bank’s payout ratio is currently 38.60%.

Institutional Trading of Cadence Bank

Several institutional investors have recently bought and sold shares of CADE. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Cadence Bank in the first quarter worth approximately $40,000. Abound Wealth Management boosted its stake in shares of Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after acquiring an additional 1,150 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Cadence Bank by 169.6% in the first quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock worth $54,000 after acquiring an additional 1,116 shares during the last quarter. State of Wyoming boosted its stake in shares of Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company’s stock worth $81,000 after acquiring an additional 1,493 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company’s stock worth $88,000 after acquiring an additional 1,030 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Company Profile

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.