Cadence Bank (NYSE:CADE) Receives Average Recommendation of "Moderate Buy" from Analysts

Cadence Bank (NYSE:CADE - Get Free Report) has been given a consensus rating of "Moderate Buy" by the ten ratings firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $38.50.

A number of equities research analysts have recently weighed in on the stock. DA Davidson cut their target price on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Piper Sandler raised shares of Cadence Bank from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $36.00 to $42.00 in a research note on Tuesday, July 8th. Royal Bank Of Canada cut their target price on shares of Cadence Bank from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Wednesday, April 23rd. Keefe, Bruyette & Woods lifted 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, Hovde Group boosted their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $34.91 on Friday. The stock has a market cap of $6.36 billion, a PE ratio of 12.25 and a beta of 0.84. The company's fifty day moving average is $32.00 and its 200 day moving average is $31.81. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.10.

Cadence Bank (NYSE:CADE - Get Free Report) last issued its earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. The company had revenue of $448.55 million for the quarter, compared to analysts' expectations 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 announced that its Board of Directors has authorized a stock buyback plan on Friday, April 25th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.275 per share. The ex-dividend date was Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.15%. Cadence Bank's dividend payout ratio (DPR) is currently 38.60%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CADE. Norges Bank purchased a new position in Cadence Bank during the 4th quarter valued at about $71,915,000. Wellington Management Group LLP increased its position in Cadence Bank by 7.8% during the 1st 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 during the period. Millennium Management LLC increased its position in Cadence Bank by 846.1% during the 4th quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock valued at $36,273,000 after purchasing an additional 941,613 shares during the period. AQR Capital Management LLC increased its position in Cadence Bank by 1,802.4% during the 1st quarter. AQR Capital Management LLC now owns 764,776 shares of the company's stock valued at $22,790,000 after purchasing an additional 724,576 shares during the period. Finally, Nuveen LLC purchased a new position in Cadence Bank during the 1st quarter valued at about $20,090,000. Hedge funds and other institutional investors 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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