Cadence Bank (NYSE:CADE) Receives $36.82 Average Target Price from Analysts

Shares of Cadence Bank (NYSE:CADE - Get Free Report) have been given a consensus rating of "Moderate Buy" by the eleven research firms that are covering the firm, Marketbeat.com 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 twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $36.82.

A number of equities research analysts have commented on CADE shares. Stephens reissued an "overweight" rating and issued a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd. Hovde Group raised their price objective on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Piper Sandler cut their target price on Cadence Bank from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Morgan Stanley cut their target price on Cadence Bank from $46.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Barclays cut their target price on Cadence Bank from $44.00 to $38.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th.

Cadence Bank Stock Performance

Cadence Bank stock traded down $0.23 during mid-day trading on Friday, reaching $30.07. The stock had a trading volume of 745,044 shares, compared to its average volume of 1,303,957. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The stock's 50-day simple moving average is $29.54 and its 200-day simple moving average is $32.80. The firm has a market capitalization of $5.48 billion, a PE ratio of 10.85 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The firm had revenue of $448.55 million during the quarter, compared to analysts' expectations of $451.61 million. During the same quarter last year, the firm posted $0.62 earnings per share. On average, research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank declared that its board has authorized a stock buyback program on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Cadence Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.66%. Cadence Bank's dividend payout ratio is currently 38.60%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CADE. Norges Bank purchased a new position in Cadence Bank in the fourth quarter worth $71,915,000. Wellington Management Group LLP boosted its position in Cadence Bank by 7.8% in the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company's stock worth $409,301,000 after purchasing an additional 980,369 shares during the last quarter. Millennium Management LLC boosted its position in Cadence Bank by 846.1% in the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock worth $36,273,000 after purchasing an additional 941,613 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Cadence Bank by 1,802.4% in the first quarter. AQR Capital Management LLC now owns 764,776 shares of the company's stock valued at $22,790,000 after buying an additional 724,576 shares during the period. Finally, Boston Partners bought a new stake in shares of Cadence Bank in the fourth quarter valued at $24,834,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

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.