Cadence Bank (NYSE:CADE) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Cadence Bank (NYSE:CADE) from a strong-buy rating to a hold rating in a research report report published on Monday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on CADE. Hovde Group raised their price target on Cadence Bank from $34.00 to $40.00 and gave the stock a “market perform” rating in a research note on Monday, July 28th. Royal Bank Of Canada raised their price target on Cadence Bank from $34.00 to $37.00 and gave the stock a “sector perform” rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, July 28th. DA Davidson increased their price objective on Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a report on Monday, July 28th. Finally, Barclays reissued an “overweight” rating and set a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.40.

Cadence Bank Stock Down 0.1%

Shares of Cadence Bank stock opened at $37.23 on Monday. The stock has a 50-day moving average price of $35.77 and a 200 day moving average price of $32.14. The company has a market cap of $6.78 billion, a P/E ratio of 13.25 and a beta of 0.91. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. The firm had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same period in the prior year, the business earned $0.73 EPS. As a group, analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. Cadence Bank’s dividend payout ratio (DPR) is 39.15%.

Institutional Trading of Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. Osaic Holdings Inc. grew its holdings in shares of Cadence Bank by 24.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,442 shares of the company’s stock worth $46,000 after purchasing an additional 283 shares in the last quarter. American Trust acquired a new stake in shares of Cadence Bank during the 2nd quarter worth approximately $328,000. Neuberger Berman Group LLC grew its holdings in shares of Cadence Bank by 47.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 19,711 shares of the company’s stock worth $630,000 after purchasing an additional 6,374 shares in the last quarter. State of Wyoming grew its holdings in shares of Cadence Bank by 28.2% during the 2nd quarter. State of Wyoming now owns 23,376 shares of the company’s stock worth $748,000 after purchasing an additional 5,138 shares in the last quarter. Finally, Westwood Holdings Group Inc. acquired a new stake in Cadence Bank in the 2nd quarter valued at $718,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.