Cadence Bank (NYSE:CADE) Price Target Raised to $43.00 at Piper Sandler

Key Points

• Piper Sandler has raised its price target for Cadence Bank from $42.00 to $43.00, suggesting an upside potential of 18.22% from the current price.
• Cadence Bank's stock received mixed ratings from analysts, with one downgrade to "sell" and varied price targets from different firms, leading to a consensus rating of "Moderate Buy".
• The bank announced a stock buyback program allowing for the repurchase of 10 million shares, indicating management's belief that the stock is undervalued.

Cadence Bank (NYSE:CADE - Get Free Report) had its price objective boosted by analysts at Piper Sandler from $42.00 to $43.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price target points to a potential upside of 18.22% from the stock's current price.

CADE has been the subject of a number of other reports. Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a research note on Saturday. Stephens raised their price target on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research note on Monday. 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. Finally, Hovde Group raised their price target on Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of "Moderate Buy" and an average target price of $39.90.

Cadence Bank Trading Down 0.1%

Shares of NYSE:CADE traded down $0.05 during midday trading on Monday, reaching $36.37. The company had a trading volume of 1,674,567 shares, compared to its average volume of 1,417,927. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 1-year low of $25.22 and a 1-year high of $40.20. The firm has a market cap of $6.63 billion, a price-to-earnings ratio of 12.94 and a beta of 0.84. The company has a fifty day simple moving average of $32.35 and a two-hundred day simple moving average of $31.82.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. The firm had revenue of $476.32 million during the quarter, compared to analyst estimates of $467.60 million. During the same period last year, the company posted $0.73 EPS. Research analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank announced that its Board of Directors has authorized a stock buyback program on Friday, April 25th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Institutional Trading of Cadence Bank

A number of large investors have recently bought and sold shares of CADE. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Cadence Bank during the first quarter valued at $40,000. Abound Wealth Management lifted its stake in shares of Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after acquiring an additional 1,150 shares during the period. UMB Bank n.a. lifted its stake in shares of Cadence Bank by 169.6% during the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after acquiring an additional 1,116 shares during the period. State of Wyoming lifted its stake in shares of Cadence Bank by 172.4% during the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after acquiring an additional 1,493 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 55.3% during the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after acquiring an additional 1,030 shares during the period. 84.61% of the stock is currently 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.

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