Cadence Bank (NYSE:CADE) Price Target Increased to $29.00 by Analysts at Barclays

Cadence Bank (NYSE:CADE) had its price objective increased by Barclays from $28.00 to $29.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other equities analysts have also weighed in on the company. Jefferies Financial Group cut their target price on Cadence Bank from $30.00 to $29.00 and set a hold rating on the stock in a research note on Monday, April 8th. Morgan Stanley increased their target price on shares of Cadence Bank from $24.00 to $27.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. TheStreet cut shares of Cadence Bank from a b rating to a c rating in a research report on Tuesday, January 30th. Hovde Group upgraded Cadence Bank from a market perform rating to an outperform rating and lifted their target price for the stock from $32.50 to $33.00 in a report on Wednesday. Finally, Stephens restated an overweight rating and issued a $33.00 price target on shares of Cadence Bank in a report on Tuesday. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $31.09.

Cadence Bank Stock Performance

Shares of NYSE:CADE opened at $29.01 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The stock has a market capitalization of $5.30 billion, a P/E ratio of 9.27 and a beta of 1.02. The business has a 50-day moving average price of $27.74 and a two-hundred day moving average price of $26.60.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The firm had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $0.68 earnings per share. Equities analysts predict that Cadence Bank will post 2.39 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s dividend payout ratio is currently 31.95%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CADE. Norges Bank bought a new position in Cadence Bank during the fourth quarter worth about $60,490,000. Wellington Management Group LLP lifted its position in shares of Cadence Bank by 15.7% in the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after buying an additional 1,063,055 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Cadence Bank by 81.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after acquiring an additional 687,025 shares during the period. Ranger Investment Management L.P. raised its stake in Cadence Bank by 59.4% in the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock valued at $31,205,000 after acquiring an additional 393,037 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after purchasing an additional 376,989 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.