Cadence Bank (NYSE:CADE) Given Consensus Rating of “Moderate Buy” by Brokerages

Cadence Bank (NYSE:CADE) has received a consensus recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $38.50.

Several research firms have weighed in on CADE. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a research report on Friday, January 24th. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Stephens restated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a report on Thursday, January 23rd. Finally, Truist Financial lifted their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd.

Cadence Bank Stock Down 1.3 %

NYSE CADE opened at $34.04 on Thursday. The firm has a market cap of $6.20 billion, a PE ratio of 12.29 and a beta of 0.99. The business’s fifty day simple moving average is $34.96 and its 200-day simple moving average is $33.96. Cadence Bank has a 52 week low of $26.16 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter in the previous year, the firm posted $0.40 earnings per share. Research analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.23%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is 36.10%.

Institutional Investors Weigh In On Cadence Bank

Large investors have recently modified their holdings of the company. Geode Capital Management LLC grew its position in Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after purchasing an additional 39,679 shares during the last quarter. Cerity Partners LLC raised its stake in Cadence Bank by 31.2% during the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock valued at $2,050,000 after acquiring an additional 15,312 shares during the last quarter. Stifel Financial Corp raised its stake in Cadence Bank by 18.1% during the 3rd quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock valued at $670,000 after acquiring an additional 3,218 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after acquiring an additional 291,885 shares during the period. Finally, Franklin Resources Inc. purchased a new position in shares of Cadence Bank in the 3rd quarter valued at approximately $947,000. 84.61% of the stock is 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.