Hovde Group Forecasts Strong Price Appreciation for Cadence Bank (NYSE:CADE) Stock

Cadence Bank (NYSE:CADE - Get Free Report) had its price target lifted by analysts at Hovde Group from $32.00 to $34.00 in a research report issued on Tuesday, Marketbeat reports. The firm presently has an "outperform" rating on the stock. Hovde Group's price objective suggests a potential upside of 12.17% from the company's current price.

Other equities research analysts have also recently issued research reports about the stock. Stephens reiterated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a research note on Tuesday, April 22nd. DA Davidson lowered their price objective on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler reduced their target price on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Royal Bank of Canada decreased their price target on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Finally, Morgan Stanley dropped their price objective on shares of Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $37.27.

Cadence Bank Stock Performance

Shares of NYSE CADE traded up $0.62 during mid-day trading on Tuesday, reaching $30.31. 832,722 shares of the company traded hands, compared to its average volume of 1,294,367. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The company's fifty day moving average is $29.46 and its two-hundred day moving average is $33.39. The stock has a market cap of $5.52 billion, a PE ratio of 10.94 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last issued 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. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The company had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same period last year, the business posted $0.62 earnings per share. Research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

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

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC raised its stake in Cadence Bank by 63.7% during the 3rd quarter. Barclays PLC now owns 441,669 shares of the company's stock worth $14,067,000 after buying an additional 171,940 shares during the period. Tidal Investments LLC raised its position in shares of Cadence Bank by 8.1% during the third quarter. Tidal Investments LLC now owns 9,769 shares of the company's stock worth $311,000 after purchasing an additional 730 shares during the period. Synovus Financial Corp bought a new position in shares of Cadence Bank during the 3rd quarter valued at about $848,000. Franklin Resources Inc. acquired a new position in shares of Cadence Bank in the 3rd quarter valued at approximately $947,000. Finally, GAMMA Investing LLC increased its stake in Cadence Bank by 19.3% during the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company's stock worth $64,000 after purchasing an additional 301 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

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.