Stephens Raises Cadence Bank (NYSE:CADE) Price Target to $42.00

Key Points

• Stephens has increased its price target for Cadence Bank (NYSE:CADE) from $41.00 to $42.00, reflecting a potential upside of 15.26% from the current stock price.
• Several analysts are bullish on Cadence Bank, with Barclays and Piper Sandler both maintaining "overweight" ratings and setting price targets that support growth expectations.
• Cadence Bank's recent quarterly earnings report showed an EPS of $0.73, surpassing the consensus estimate, along with a revenue of $476.32 million, indicating positive financial performance.

Cadence Bank (NYSE:CADE - Get Free Report) had its target price hoisted by equities researchers at Stephens from $41.00 to $42.00 in a report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Stephens' price target points to a potential upside of 15.26% from the stock's current price.

Several other equities research analysts have also commented on CADE. Barclays reiterated an "overweight" rating and set a $41.00 price target (up from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Piper Sandler upgraded shares of Cadence Bank from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $36.00 to $42.00 in a research note on Tuesday, July 8th. Hovde Group increased their price target on shares of Cadence Bank from $34.00 to $40.00 and gave the stock a "market perform" rating in a research note on Monday. DA Davidson decreased their price target on shares of Cadence Bank from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.70.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $36.44 on Monday. The company's fifty day moving average price is $32.35 and its 200 day moving average price is $31.82. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $6.64 billion, a P/E ratio of 12.97 and a beta of 0.84.

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

Cadence Bank announced that its board has approved a share repurchase plan on Friday, April 25th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Cadence Bank

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vest Financial LLC grew its holdings in Cadence Bank by 28.0% in the second quarter. Vest Financial LLC now owns 128,107 shares of the company's stock valued at $4,097,000 after purchasing an additional 28,008 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Cadence Bank by 8.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 345,586 shares of the company's stock valued at $11,556,000 after purchasing an additional 26,135 shares during the last quarter. CWM LLC grew its position in shares of Cadence Bank by 12.3% in the second quarter. CWM LLC now owns 6,511 shares of the company's stock valued at $208,000 after purchasing an additional 712 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in shares of Cadence Bank by 12.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 22,976 shares of the company's stock valued at $735,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC acquired a new position in shares of Cadence Bank in the second quarter worth $204,000. Institutional investors and hedge funds own 84.61% of the company's stock.

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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