Cadence Bank (NYSE:CADE) Upgraded to Hold at Wall Street Zen

Cadence Bank (NYSE:CADE - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Friday.

Several other research analysts also recently commented on CADE. Barclays reiterated an "overweight" rating and issued a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Piper Sandler upgraded shares of Cadence Bank from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $36.00 to $42.00 in a report on Tuesday, July 8th. Hovde Group lifted their target price on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, May 9th. Finally, Stephens reiterated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $38.50.

Cadence Bank Stock Down 0.3%

Shares of Cadence Bank stock traded down $0.09 during midday trading on Friday, reaching $34.91. 1,573,993 shares of the company's stock traded hands, compared to its average volume of 1,314,373. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 12.25 and a beta of 0.84. The company's 50 day simple moving average is $32.00 and its 200 day simple moving average is $31.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a net margin of 18.83% and a return on equity of 9.95%. During the same quarter last year, the firm earned $0.62 EPS. Equities analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank declared that its board has approved a share buyback plan 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 plans are typically an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its position in Cadence Bank by 312.7% in the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock valued at $1,506,000 after buying an additional 37,576 shares in the last quarter. Principal Financial Group Inc. boosted its position in Cadence Bank by 1.2% in the first quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock valued at $12,913,000 after buying an additional 5,221 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Cadence Bank by 3.1% in the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after buying an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Cadence Bank by 2.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after buying an additional 1,670 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares in 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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