Cadence Bank (NYSE:CADE) Downgraded by Wall Street Zen to "Sell"

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

Other equities analysts have also issued reports about the company. DA Davidson cut their price target on Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Royal Bank of Canada cut their price target on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Keefe, Bruyette & Woods raised their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Barclays cut their price target on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Stephens reiterated an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 22nd. One investment 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, Cadence Bank presently has a consensus rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Stock Performance

NYSE CADE traded down $1.20 on Friday, hitting $29.97. 1,056,322 shares of the stock traded hands, compared to its average volume of 1,284,605. The business's fifty day moving average is $29.87 and its two-hundred day moving average is $32.37. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The firm has a market capitalization of $5.46 billion, a price-to-earnings ratio of 10.82 and a beta of 0.84.

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. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The business had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. During the same period in the prior year, the company earned $0.62 earnings per share. Analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank announced that its board has authorized a share buyback plan on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Cadence Bank

A number of large investors have recently added to or reduced their stakes in CADE. Smartleaf Asset Management LLC increased its holdings in shares of Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company's stock worth $40,000 after buying an additional 722 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Cadence Bank in the first quarter worth about $40,000. Abound Wealth Management increased its holdings in shares of Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock worth $51,000 after buying an additional 1,150 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of Cadence Bank by 504.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company's stock worth $59,000 after buying an additional 1,434 shares during the period. Finally, Jones Financial Companies Lllp increased its holdings in shares of Cadence Bank by 1,601.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,718 shares of the company's stock worth $59,000 after buying an additional 1,617 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.