Cadence Bank (NYSE:CADE) Reaches New 52-Week High - What's Next?

Key Points

• Cadence Bank's stock reached a new 52-week high of $40.20 during trading, with a current trading price of $40.07 and a trading volume of over 1.86 million shares.
• Analysts have mixed views on the stock, with Barclays raising its price target to $46.00 and Zacks Research downgrading it from "strong-buy" to "hold," reflecting a consensus rating of "Moderate Buy."
• The bank recently declared a quarterly dividend of $0.275 per share, resulting in an annualized dividend of $1.10 and a yield of 2.8%, with a payout ratio of 39.15%.

Cadence Bank (NYSE:CADE - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $40.20 and last traded at $40.07, with a volume of 1862201 shares traded. The stock had previously closed at $39.08.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CADE shares. Zacks Research cut Cadence Bank from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Barclays increased their price objective on Cadence Bank from $43.00 to $46.00 and gave the company an "overweight" rating in a research note on Wednesday. Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cadence Bank in a research note on Wednesday. Finally, Royal Bank Of Canada increased their target price on Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Cadence Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.40.

Cadence Bank Stock Up 2.0%

The firm's 50 day moving average price is $36.68 and its two-hundred day moving average price is $33.03. The firm has a market cap of $7.26 billion, a price-to-earnings ratio of 14.17 and a beta of 0.88. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87.

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

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Monday, September 15th. Cadence Bank's dividend payout ratio is 39.15%.

Institutional Trading of Cadence Bank

Several large investors have recently modified their holdings of CADE. FNY Investment Advisers LLC bought a new position in Cadence Bank in the second quarter worth about $25,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Cadence Bank during the first quarter valued at approximately $40,000. Osaic Holdings Inc. raised its holdings in shares of Cadence Bank by 24.4% during the second quarter. Osaic Holdings Inc. now owns 1,442 shares of the company's stock valued at $46,000 after buying an additional 283 shares during the last quarter. Abound Wealth Management raised its holdings 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 buying an additional 1,150 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings 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 buying an additional 1,116 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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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