Cadence Bank (NYSE:CADE) Given Consensus Recommendation of "Moderate Buy" by Analysts

Cadence Bank (NYSE:CADE - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $36.82.

A number of research firms have commented on CADE. Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Stephens reissued an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Wall Street Zen lowered Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. Morgan Stanley reduced their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Royal Bank Of Canada reduced their target price on Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd.

Cadence Bank Stock Up 0.8%

CADE stock traded up $0.27 on Wednesday, reaching $32.24. 3,565,983 shares of the company traded hands, compared to its average volume of 1,296,477. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $5.87 billion, a P/E ratio of 11.31 and a beta of 0.84. The firm has a fifty day simple moving average of $30.50 and a 200-day simple moving average of $31.86.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.95% and a net margin of 18.83%. The company had revenue of $448.55 million during the quarter, compared to analyst estimates of $451.61 million. During the same quarter last year, the company earned $0.62 EPS. Research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.275 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.41%. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

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

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Cadence Bank by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company's stock worth $705,821,000 after buying an additional 191,717 shares during the last quarter. Wellington Management Group LLP lifted its position in Cadence Bank by 7.8% during the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock valued at $409,301,000 after purchasing an additional 980,369 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Cadence Bank by 0.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,520,057 shares of the company's stock valued at $167,589,000 after purchasing an additional 32,362 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in Cadence Bank by 5.7% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company's stock valued at $109,889,000 after purchasing an additional 193,582 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Cadence Bank by 9.4% during the first 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. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.