Cadence Bank (NYSE:CADE) Stock Rating Lowered by Wall Street Zen

Cadence Bank (NYSE:CADE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Friday.

Other equities research analysts have also issued research reports about the stock. Piper Sandler lowered their target price on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Wednesday, April 23rd. Barclays decreased their price objective on shares of Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Stephens reaffirmed an "overweight" rating and set a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Finally, DA Davidson lowered their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Price Performance

Shares of Cadence Bank stock traded down $0.23 during trading on Friday, reaching $30.07. 745,044 shares of the company traded hands, compared to its average volume of 1,303,957. The firm has a market capitalization of $5.48 billion, a PE ratio of 10.85 and a beta of 0.84. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The company has a 50 day moving average price of $29.54 and a 200-day moving average price of $32.80.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. The firm had revenue of $448.55 million for the quarter, compared to analyst estimates of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the prior year, the business earned $0.62 earnings per share. Equities research analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its Board of Directors has initiated a share buyback plan on Friday, April 25th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Institutional Trading of Cadence Bank

Several institutional investors have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund boosted its holdings in shares of Cadence Bank by 0.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company's stock worth $1,284,000 after purchasing an additional 300 shares during the period. Ironwood Investment Management LLC lifted its holdings in Cadence Bank by 1.2% in the 4th quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company's stock worth $1,039,000 after buying an additional 354 shares during the period. Arizona State Retirement System grew its position in shares of Cadence Bank by 0.8% in the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company's stock worth $1,827,000 after buying an additional 415 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Cadence Bank by 0.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company's stock worth $1,568,000 after purchasing an additional 480 shares in the last quarter. Finally, Johnson Investment Counsel Inc. grew its stake in shares of Cadence Bank by 8.6% in the first quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock worth $222,000 after acquiring an additional 578 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.