Cadence Bank (NYSE:CADE) Receives Consensus Recommendation of “Hold” from Brokerages

Cadence Bank (NYSE:CADE) has received a consensus rating of “Hold” from the eleven brokerages that are currently covering the company, MarketBeat.com reports. Nine equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $42.3333.

CADE has been the subject of a number of recent research reports. Stephens lowered shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a report on Tuesday, October 28th. Morgan Stanley downgraded shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, October 8th. Piper Sandler set a $40.00 price objective on Cadence Bank and gave the stock a “neutral” rating in a report on Monday, October 27th. Finally, Barclays lowered Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th.

Institutional Trading of Cadence Bank

Several large investors have recently modified their holdings of CADE. FNY Investment Advisers LLC purchased a new stake in Cadence Bank in the 2nd quarter worth approximately $25,000. Mather Group LLC. purchased a new stake in Cadence Bank in the third quarter worth $26,000. Advisory Services Network LLC bought a new stake in Cadence Bank in the third quarter valued at $32,000. Community Bank N.A. purchased a new position in Cadence Bank during the 3rd quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Cadence Bank in the 3rd quarter worth $38,000. 84.61% of the stock is owned by institutional investors.

Cadence Bank Trading Down 0.5%

Shares of Cadence Bank stock opened at $43.04 on Wednesday. The firm has a market capitalization of $7.84 billion, a PE ratio of 15.59 and a beta of 0.97. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $44.26. The business’s 50-day moving average price is $38.99 and its 200-day moving average price is $36.38.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, October 20th. The company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.The company had revenue of $517.24 million during the quarter, compared to the consensus estimate of $523.60 million. During the same quarter in the previous year, the company posted $0.73 EPS. As a group, analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Monday, December 15th. Cadence Bank’s dividend payout ratio (DPR) is 39.86%.

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.