Cadence Bank (NYSE:CADE) Raised to "Hold" at Wall Street Zen

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

Other equities analysts have also issued reports about the company. Stephens reaffirmed an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. Royal Bank of Canada decreased their price objective on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Citigroup increased their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Finally, Piper Sandler decreased their price target 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. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $36.82.

Cadence Bank Price Performance

CADE stock traded up $0.11 on Thursday, hitting $30.53. 136,414 shares of the company were exchanged, compared to its average volume of 1,306,149. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 11.02 and a beta of 0.84. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The business's fifty day moving average is $29.56 and its two-hundred day moving average is $33.19.

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 (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.07. The company had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the previous year, the company earned $0.62 EPS. Equities research analysts expect that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its board has authorized a share repurchase plan on Friday, April 25th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Cadence Bank

Several large investors have recently modified their holdings of the business. Intech Investment Management LLC lifted its stake in shares of Cadence Bank by 30.0% in the first quarter. Intech Investment Management LLC now owns 119,375 shares of the company's stock worth $3,624,000 after acquiring an additional 27,555 shares in the last quarter. Bayforest Capital Ltd purchased a new stake in Cadence Bank during the 1st quarter worth approximately $599,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Cadence Bank by 1.4% in the 1st 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 purchasing an additional 6,312 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Cadence Bank by 9.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company's stock valued at $85,953,000 after purchasing an additional 244,146 shares in the last quarter. Finally, Teza Capital Management LLC purchased a new position in shares of Cadence Bank during the 1st quarter valued at approximately $1,274,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.

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