Cadence Bank (NYSE:CADE) Price Target Raised to $29.00

Cadence Bank (NYSE:CADE - Free Report) had its target price hoisted by Barclays from $28.00 to $29.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Raymond James reduced their price objective on Cadence Bank from $35.00 to $34.00 and set a strong-buy rating for the company in a report on Wednesday, January 31st. Stephens reaffirmed an overweight rating and issued a $33.00 target price on shares of Cadence Bank in a report on Tuesday. Jefferies Financial Group dropped their price target on Cadence Bank from $30.00 to $29.00 and set a hold rating for the company in a research note on Monday, April 8th. Keefe, Bruyette & Woods increased their price target on Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a research note on Wednesday. Finally, Morgan Stanley raised their target price on Cadence Bank from $24.00 to $27.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $31.09.

Cadence Bank Stock Up 1.7 %

Shares of CADE traded up $0.48 during midday trading on Wednesday, hitting $29.37. The stock had a trading volume of 2,010,119 shares, compared to its average volume of 1,389,347. The company has a 50 day simple moving average of $27.62 and a two-hundred day simple moving average of $26.51. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $31.45. The firm has a market cap of $5.36 billion, a price-to-earnings ratio of 9.35 and a beta of 1.02. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.85.

Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Tuesday, April 23rd. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.54 by $0.08. The business had revenue of $437.69 million for the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a return on equity of 9.22% and a net margin of 23.83%. Cadence Bank's quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. On average, analysts anticipate that Cadence Bank will post 2.38 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in Cadence Bank by 8.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company's stock worth $142,000 after acquiring an additional 524 shares in the last quarter. Sheets Smith Wealth Management raised its stake in shares of Cadence Bank by 3.8% during the third quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company's stock valued at $345,000 after acquiring an additional 589 shares during the last quarter. AlphaMark Advisors LLC raised its stake in shares of Cadence Bank by 6.8% during the fourth quarter. AlphaMark Advisors LLC now owns 11,482 shares of the company's stock valued at $340,000 after acquiring an additional 728 shares during the last quarter. Retirement Systems of Alabama raised its stake in Cadence Bank by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 228,778 shares of the company's stock worth $6,770,000 after buying an additional 754 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in Cadence Bank by 1.5% in the third quarter. Arizona State Retirement System now owns 52,032 shares of the company's stock worth $1,104,000 after buying an additional 789 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.