Cadence Bank (NYSE:CADE) Receives Overweight Rating from Stephens

Stephens reaffirmed their overweight rating on shares of Cadence Bank (NYSE:CADE - Free Report) in a research note issued to investors on Tuesday morning, Benzinga reports. Stephens currently has a $33.00 price target on the stock.

Several other analysts have also recently commented on CADE. Raymond James reduced their price objective on shares of Cadence Bank from $35.00 to $34.00 and set a strong-buy rating for the company in a research note on Wednesday, January 31st. Barclays assumed coverage on shares of Cadence Bank in a research note on Friday, March 8th. They issued an equal weight rating and a $28.00 price objective for the company. Hovde Group downgraded shares of Cadence Bank from an outperform rating to a market perform rating and set a $32.50 target price for the company. in a report on Tuesday, January 30th. Truist Financial raised their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company a buy rating in a report on Monday, April 1st. Finally, Royal Bank of Canada restated a sector perform rating and set a $31.00 target price on shares of Cadence Bank in a report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $30.75.

Cadence Bank Stock Performance

Shares of CADE stock traded up $1.16 during mid-day trading on Tuesday, hitting $28.90. The stock had a trading volume of 2,164,821 shares, compared to its average volume of 1,381,388. Cadence Bank has a fifty-two week low of $16.95 and a fifty-two week high of $31.45. The firm has a market cap of $5.28 billion, a PE ratio of 9.93 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. The company's 50-day simple moving average is $27.62 and its 200-day simple moving average is $26.51.

Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Tuesday, April 23rd. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. Cadence Bank had a net margin of 23.33% and a return on equity of 9.55%. The company had revenue of $437.69 million during the quarter, compared to analysts' expectations of $427.18 million. During the same quarter last year, the business earned $0.68 EPS. The business's revenue was up 12.6% on a year-over-year basis. Sell-side analysts anticipate that Cadence Bank will post 2.38 earnings per share for the current year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.46%. This is an increase from Cadence Bank's previous quarterly dividend of $0.24. The ex-dividend date was Thursday, March 14th. Cadence Bank's payout ratio is presently 34.36%.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC grew its holdings 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 valued at $142,000 after purchasing an additional 524 shares during the period. Sheets Smith Wealth Management lifted its position in 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 buying an additional 589 shares in the last quarter. AlphaMark Advisors LLC lifted its position in 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 buying an additional 728 shares in the last quarter. Retirement Systems of Alabama lifted its position in Cadence Bank by 0.3% during the fourth quarter. Retirement Systems of Alabama now owns 228,778 shares of the company's stock valued at $6,770,000 after buying an additional 754 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in Cadence Bank by 1.5% during the third quarter. Arizona State Retirement System now owns 52,032 shares of the company's stock valued at $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.