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

Key Points

• Cadence Bank has received an average consensus recommendation of “Moderate Buy” from analysts, with an average price target of $40.90.
• Major research firms, including Morgan Stanley and Barclays, have recently raised their price targets for Cadence Bank, indicating a positive outlook for the stock.
• Cadence Bank recently announced a quarterly dividend of $0.275 per share, reflecting a 2.9% dividend yield and a payout ratio of 39.15%.

Shares of Cadence Bank (NYSE:CADE - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the eleven analysts that are covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $40.90.

Several research firms have commented on CADE. Morgan Stanley lifted their price target on Cadence Bank from $38.00 to $47.00 and gave the company an "overweight" rating in a report on Monday. Stephens upped their price target on shares of Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Piper Sandler increased their price target on shares of Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Barclays reissued an "overweight" rating and set a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Finally, Zacks Research lowered Cadence Bank from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Channing Capital Management LLC acquired a new position in shares of Cadence Bank in the second quarter worth about $75,681,000. Norges Bank purchased a new stake in Cadence Bank during the 2nd quarter worth approximately $71,235,000. Wellington Management Group LLP increased its holdings 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 worth $409,301,000 after purchasing an additional 980,369 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Cadence Bank by 1,802.4% in 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 in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Cadence Bank during the 1st quarter valued at approximately $20,090,000. Hedge funds and other institutional investors own 84.61% of the company's stock.

Cadence Bank Trading Down 0.3%

Shares of CADE opened at $37.41 on Friday. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The company has a market capitalization of $6.82 billion, a PE ratio of 13.31 and a beta of 0.88. The stock has a fifty day moving average of $36.53 and a two-hundred day moving average of $32.84. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87.

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

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were issued a dividend of $0.275 per share. The ex-dividend date was Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 2.9%. Cadence Bank's payout ratio is presently 39.15%.

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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