Cadence Bank (NYSE:CADE) Price Target Raised to $40.00

Key Points

• Hovde Group has raised their price target for Cadence Bank from $34.00 to $40.00, suggesting a potential upside of 9.77% from the current price.
• Other analysts have increased their price targets as well, with Piper Sandler setting a target of $42.00, while Barclays raised theirs to $41.00.
• The company's Board of Directors recently authorized a share buyback plan for 10 million shares, indicating a belief that the stock is currently undervalued.

Cadence Bank (NYSE:CADE - Get Free Report) had its price objective upped by stock analysts at Hovde Group from $34.00 to $40.00 in a research note issued on Monday. The brokerage currently has a "market perform" rating on the stock. Hovde Group's price target indicates a potential upside of 9.77% from the stock's current price.

Several other equities analysts have also weighed in on CADE. Piper Sandler raised Cadence Bank from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $36.00 to $42.00 in a report on Tuesday, July 8th. Barclays restated an "overweight" rating and set a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Royal Bank Of Canada upped their price objective on shares of Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research report on Friday. Wall Street Zen cut shares of Cadence Bank from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $39.50.

Cadence Bank Trading Up 4.0%

NYSE CADE opened at $36.44 on Monday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The firm has a market cap of $6.64 billion, a PE ratio of 12.97 and a beta of 0.84. The company has a 50 day moving average price of $32.35 and a 200 day moving average price of $31.82. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

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

Cadence Bank declared that its Board of Directors has authorized a share buyback plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to purchase 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Cadence Bank in the 1st quarter valued at $40,000. Abound Wealth Management boosted its stake in Cadence Bank by 223.3% in the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after buying an additional 1,150 shares in the last quarter. UMB Bank n.a. raised its position in Cadence Bank by 169.6% in the 1st quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after purchasing an additional 1,116 shares during the last quarter. State of Wyoming raised its position in Cadence Bank by 172.4% in the 4th quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after purchasing an additional 1,493 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after purchasing an additional 1,030 shares during the last quarter. Institutional investors and hedge funds 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.

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