Cadence Bank (NYSE:CADE) Raised to Outperform at Hovde Group

Cadence Bank (NYSE:CADE) was upgraded by equities research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a report released on Wednesday, Marketbeat reports. The brokerage presently has a $33.00 price objective on the stock, up from their previous price objective of $32.50. Hovde Group’s target price suggests a potential upside of 14.21% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. DA Davidson reiterated a “buy” rating on shares of Cadence Bank in a report on Monday, January 15th. Barclays initiated coverage on Cadence Bank in a research note on Friday, March 8th. They issued an “equal weight” rating and a $28.00 target price for the company. TheStreet lowered Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Morgan Stanley upped their price target on Cadence Bank from $24.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.80.

Cadence Bank Price Performance

Cadence Bank stock opened at $28.90 on Wednesday. Cadence Bank has a 52 week low of $16.95 and a 52 week high of $31.45. The business has a 50-day simple moving average of $27.62 and a 200 day simple moving average of $26.51. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of 9.93 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last posted its earnings results on Tuesday, April 23rd. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a return on equity of 9.55% and a net margin of 23.33%. The business had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. During the same period in the previous year, the business earned $0.68 earnings per share. The firm’s revenue was up 12.6% on a year-over-year basis. On average, research analysts forecast that Cadence Bank will post 2.38 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

Several institutional investors have recently added to or reduced their stakes in CADE. Fifth Third Bancorp boosted its stake in Cadence Bank by 165.8% during the 3rd quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock valued at $31,000 after purchasing an additional 905 shares during the last quarter. Wolverine Asset Management LLC boosted its stake in shares of Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after buying an additional 952 shares during the last quarter. Rise Advisors LLC purchased a new position in shares of Cadence Bank in the 1st quarter worth $34,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after buying an additional 524 shares during the last quarter. Finally, Hardy Reed LLC purchased a new position in shares of Cadence Bank in the 3rd quarter worth $203,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.