Cadence Bank (NYSE:CADE) Raised to "Outperform" at Hovde Group

Cadence Bank (NYSE:CADE - Get Free Report) was upgraded by investment analysts at Hovde Group from a "market perform" rating to an "outperform" rating in a report released on Wednesday, MarketBeat Ratings reports. The firm currently has a $33.00 price objective on the stock, up from their prior price objective of $32.50. Hovde Group's price target points to a potential upside of 12.36% from the stock's previous close.

Several other research analysts also recently weighed in on the stock. DA Davidson reissued a "buy" rating on shares of Cadence Bank in a research note on Monday, January 15th. Barclays began coverage on shares of Cadence Bank in a research note on Friday, March 8th. They issued an "equal weight" rating and a $28.00 target price for the company. Jefferies Financial Group dropped their price objective on shares of Cadence Bank from $30.00 to $29.00 and set a "hold" rating for the company in a research note on Monday, April 8th. Morgan Stanley upped their price objective on shares of Cadence Bank from $24.00 to $27.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 7th. Finally, Raymond James dropped 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. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.09.

Cadence Bank Price Performance

Shares of NYSE CADE traded up $0.48 during trading on Wednesday, hitting $29.37. 2,010,119 shares of the company were exchanged, compared to its average volume of 1,389,347. The company has a market cap of $5.36 billion, a price-to-earnings ratio of 9.38 and a beta of 1.02. Cadence Bank has a 1 year low of $16.95 and a 1 year high of $31.45. The firm's fifty day moving average price is $27.68 and its 200 day moving average price is $26.53. 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 quarterly earnings results on Tuesday, April 23rd. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The business had revenue of $437.69 million during 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%. The business's revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 EPS. On average, sell-side analysts expect that Cadence Bank will post 2.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System raised its position in shares of Cadence Bank by 2.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 52,600 shares of the company's stock valued at $1,525,000 after acquiring an additional 1,300 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in shares of Cadence Bank during the 1st quarter valued at approximately $1,358,000. New Perspectives Inc acquired a new stake in shares of Cadence Bank during the 1st quarter valued at approximately $208,000. State of Michigan Retirement System raised its position in shares of Cadence Bank by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company's stock valued at $1,299,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Cadence Bank by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company's stock valued at $51,034,000 after acquiring an additional 227,395 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.