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

Cadence Bank (NYSE:CADE) had its target price raised by Barclays from $28.00 to $29.00 in a report published on Wednesday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

CADE has been the subject of several other research reports. Hovde Group raised Cadence Bank from a market perform rating to an outperform rating and lifted their price target for the stock from $32.50 to $33.00 in a research note on Wednesday. Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $32.00 to $33.00 and gave the stock an outperform rating in a research note on Wednesday. Stephens reaffirmed an overweight rating and set a $33.00 price target on shares of Cadence Bank in a research note on Tuesday, April 23rd. Royal Bank of Canada reiterated a sector perform rating and set a $31.00 price objective on shares of Cadence Bank in a research report on Tuesday, April 9th. Finally, Citigroup lifted their price objective on Cadence Bank from $27.00 to $32.00 and gave the stock a neutral rating in a research report on Friday, December 29th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cadence Bank currently has an average rating of Moderate Buy and a consensus price target of $31.09.

Cadence Bank Price Performance

Cadence Bank stock opened at $29.02 on Wednesday. Cadence Bank has a one year low of $16.95 and a one year high of $31.45. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. The business has a fifty day moving average of $27.74 and a two-hundred day moving average of $26.64. The company has a market cap of $5.30 billion, a P/E ratio of 9.27 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Friday, April 26th. 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 8.97% 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. As a group, analysts predict that Cadence Bank will post 2.43 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Friday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently modified their holdings of the company. New York State Teachers Retirement System lifted its stake in shares of Cadence Bank by 1.8% in the 1st quarter. New York State Teachers Retirement System now owns 221,147 shares of the company’s stock valued at $6,413,000 after purchasing an additional 3,855 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Cadence Bank by 2.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 52,600 shares of the company’s stock valued at $1,525,000 after purchasing an additional 1,300 shares in the last quarter. Wesbanco Bank Inc. acquired a new position in shares of Cadence Bank in the 1st quarter valued at about $1,358,000. New Perspectives Inc acquired a new position in shares of Cadence Bank in the 1st quarter valued at about $208,000. Finally, State of Michigan Retirement System lifted its stake in shares of Cadence Bank by 2.3% in the 1st quarter. State of Michigan Retirement System now owns 44,810 shares of the company’s stock valued at $1,299,000 after purchasing an additional 1,000 shares in the last quarter. 84.61% of the stock is 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.