Cadence Bank (NYSE:CADE) Downgraded to “Equal Weight” Rating by Stephens

Stephens lowered shares of Cadence Bank (NYSE:CADE) from an overweight rating to an equal weight rating in a research note published on Tuesday morning, MarketBeat Ratings reports.

Other equities analysts have also recently issued research reports about the stock. Hovde Group boosted their price objective on shares of Cadence Bank from $34.00 to $40.00 and gave the company a “market perform” rating in a research report on Monday, July 28th. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the company a “neutral” rating in a research note on Monday. Barclays lowered shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday. Zacks Research lowered shares of Cadence Bank from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 8th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Hold” and a consensus target price of $41.44.

Cadence Bank Price Performance

CADE stock opened at $37.86 on Tuesday. The firm’s 50-day moving average price is $37.44 and its two-hundred day moving average price is $33.95. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.23. The stock has a market capitalization of $6.90 billion, a price-to-earnings ratio of 13.72 and a beta of 0.88. 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 (NYSE:CADE) last released its quarterly earnings data on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. Cadence Bank had a net margin of 18.15% and a return on equity of 10.08%. The firm had revenue of $517.24 million for the quarter, compared to analysts’ expectations of $523.60 million. During the same quarter in the previous year, the company earned $0.73 earnings per share. As a group, equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. Cadence Bank’s dividend payout ratio (DPR) is currently 39.86%.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ritholtz Wealth Management bought a new position in shares of Cadence Bank during the third quarter valued at approximately $224,000. Wilmington Savings Fund Society FSB bought a new position in shares of Cadence Bank during the third quarter valued at approximately $38,000. New York State Teachers Retirement System increased its stake in shares of Cadence Bank by 6.4% during the third quarter. New York State Teachers Retirement System now owns 266,322 shares of the company’s stock valued at $9,998,000 after purchasing an additional 16,038 shares in the last quarter. Bayforest Capital Ltd increased its stake in shares of Cadence Bank by 88.4% during the third quarter. Bayforest Capital Ltd now owns 4,024 shares of the company’s stock valued at $151,000 after purchasing an additional 1,888 shares in the last quarter. Finally, Ethos Financial Group LLC bought a new position in shares of Cadence Bank during the third quarter valued at approximately $202,000. 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.