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

Shares of Cadence Bank (NYSE:CADE) have been assigned a consensus rating of “Hold” from the ten brokerages that are currently covering the firm, MarketBeat reports. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $42.8750.

CADE has been the subject of several research reports. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their price objective for the company from $41.00 to $49.00 in a research note on Monday, November 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, January 21st.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. North Reef Capital Management LP purchased a new stake in shares of Cadence Bank in the third quarter valued at about $264,845,000. Pentwater Capital Management LP acquired a new position in Cadence Bank in the 4th quarter valued at about $266,893,000. Balyasny Asset Management L.P. grew its stake in shares of Cadence Bank by 1,481.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,675,033 shares of the company’s stock valued at $157,438,000 after buying an additional 3,442,693 shares during the period. Channing Capital Management LLC acquired a new stake in shares of Cadence Bank during the 2nd quarter worth approximately $75,681,000. Finally, Norges Bank acquired a new stake in shares of Cadence Bank during the 4th quarter worth approximately $98,963,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Down 1.6%

Shares of Cadence Bank stock opened at $42.14 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $46.74. The firm has a market capitalization of $7.68 billion, a PE ratio of 14.94 and a beta of 0.95. The firm’s 50-day moving average price is $43.18 and its 200 day moving average price is $40.08.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.The firm had revenue of $528.41 million for the quarter, compared to analyst estimates of $525.15 million. During the same period in the previous year, the company posted $0.70 earnings per share. On average, sell-side analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Friday, January 30th were paid a dividend of $0.3438 per share. This represents a $1.38 dividend on an annualized basis and a yield of 3.3%. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, January 30th. Cadence Bank’s dividend payout ratio is presently 39.01%.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.