Zacks Research Downgrades Cadence Bank (NYSE:CADE) to Hold

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 note issued to investors on Monday, September 8th,Zacks.com reports.

A number of other analysts have also recently weighed in on CADE. Wall Street Zen cut shares of Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Piper Sandler increased their price objective on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. DA Davidson raised their target price on shares of Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Stephens raised their target price on shares of Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, Hovde Group raised their target price on shares of Cadence Bank from $34.00 to $40.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $40.40.

Cadence Bank Stock Performance

Shares of CADE stock traded down $0.59 during trading hours on Monday, reaching $36.84. The stock had a trading volume of 621,677 shares, compared to its average volume of 1,495,365. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The firm has a 50-day simple moving average of $35.90 and a 200-day simple moving average of $32.21. The firm has a market capitalization of $6.71 billion, a PE ratio of 13.10 and a beta of 0.91.

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

Hedge Funds Weigh In On Cadence Bank

Several large investors have recently made changes to their positions in CADE. Channing Capital Management LLC bought a new position in shares of Cadence Bank during the 2nd quarter valued at about $75,681,000. Norges Bank bought a new position in shares of Cadence Bank during the 2nd quarter valued at about $71,235,000. Wellington Management Group LLP boosted its position in shares of Cadence Bank by 7.8% during the 1st quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock valued at $409,301,000 after purchasing an additional 980,369 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Cadence Bank by 846.1% in the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock worth $36,273,000 after buying an additional 941,613 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Cadence Bank by 1,802.4% in the first quarter. AQR Capital Management LLC now owns 764,776 shares of the company's stock worth $22,790,000 after buying an additional 724,576 shares during the period. Institutional investors own 84.61% of the company's stock.

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.