Cadence Bank (NYSE:CADE) Cut to Sell at 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 Saturday.

CADE has been the subject of several other reports. 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 research note on Wednesday, April 23rd. Royal Bank Of Canada cut their target price on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Morgan Stanley cut their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Piper Sandler cut their price objective on shares of Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Finally, Stephens reaffirmed an "overweight" rating and set a $40.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $36.82.

Cadence Bank Stock Performance

Shares of CADE stock traded down $0.45 during midday trading on Friday, hitting $29.74. 1,088,893 shares of the company were exchanged, compared to its average volume of 1,282,582. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The firm has a market capitalization of $5.42 billion, a P/E ratio of 10.43 and a beta of 0.84. The firm's 50 day moving average price is $29.96 and its two-hundred day moving average price is $32.21. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.07. The business had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. During the same period in the previous year, the company posted $0.62 EPS. As a group, equities research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its board has approved a stock repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Cadence Bank

Large investors have recently bought and sold shares of the company. Strs Ohio bought a new position in Cadence Bank in the 1st quarter valued at approximately $580,000. Intech Investment Management LLC raised its stake in shares of Cadence Bank by 30.0% during the first quarter. Intech Investment Management LLC now owns 119,375 shares of the company's stock valued at $3,624,000 after acquiring an additional 27,555 shares during the last quarter. Bayforest Capital Ltd bought a new position in shares of Cadence Bank during the first quarter valued at $599,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Cadence Bank by 1.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,691 shares of the company's stock valued at $14,290,000 after acquiring an additional 6,312 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Cadence Bank by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company's stock worth $85,953,000 after purchasing an additional 244,146 shares during the last quarter. 84.61% of the stock is currently owned by 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.