Cadence Bank (NYSE:CADE) Cut to "Hold" at Zacks Research

Key Points

• Cadence Bank has been downgraded by Zacks Research from a "strong-buy" to a "hold" rating, reflecting a cautious outlook on the stock.
• Other analysts have increased their price targets for Cadence Bank, with Stephens raising it from $41.00 to $42.00 while maintaining an "overweight" rating.
• The stock opened at $37.28 and has experienced a 1.3% decline, with a 12-month trading range between $25.22 and $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Stephens raised their price target on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. DA Davidson lifted their target price on shares of Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Piper Sandler lifted their target price on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Barclays restated an "overweight" rating and issued a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Finally, Wall Street Zen lowered shares of Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th. Seven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Cadence Bank has a consensus rating of "Moderate Buy" and a consensus target price of $40.40.

Cadence Bank Stock Down 1.3%

Shares of CADE opened at $37.28 on Monday. The firm's 50 day moving average is $35.70 and its 200-day moving average is $32.11. The stock has a market capitalization of $6.79 billion, a PE ratio of 13.27 and a beta of 0.91. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.04. The business had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same period in the prior year, the business posted $0.73 earnings per share. Equities research analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CADE. FNY Investment Advisers LLC purchased a new position in Cadence Bank during the 2nd quarter valued at about $25,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Cadence Bank during the 1st quarter valued at approximately $40,000. Osaic Holdings Inc. lifted its stake in Cadence Bank by 24.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,442 shares of the company's stock valued at $46,000 after acquiring an additional 283 shares during the period. Abound Wealth Management lifted its stake in shares of Cadence Bank by 223.3% in the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after purchasing an additional 1,150 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after purchasing an additional 1,116 shares during the period. Hedge funds and other institutional investors own 84.61% of the company's stock.

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.

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