Cadence Bank (NYSE:CADE) Hits New 52-Week Low – What’s Next?

Cadence Bank (NYSE:CADE) shares hit a new 52-week low on Friday . The company traded as low as $25.71 and last traded at $25.68, with a volume of 120683 shares trading hands. The stock had previously closed at $27.57.

Analysts Set New Price Targets

CADE has been the topic of several recent analyst reports. Hovde Group cut their price target on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating on the stock in a research note on Wednesday. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a report on Friday, January 24th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Finally, Citigroup lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.64.

Cadence Bank Trading Down 4.1 %

The stock has a market cap of $4.82 billion, a P/E ratio of 9.54 and a beta of 0.87. The company’s 50-day simple moving average is $32.47 and its 200 day simple moving average is $33.96.

Cadence Bank (NYSE:CADE) last posted its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the firm posted $0.40 EPS. Research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were paid a $0.275 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 4.16%. Cadence Bank’s dividend payout ratio (DPR) is presently 39.71%.

Institutional Trading of Cadence Bank

A number of hedge funds have recently modified their holdings of CADE. Moody National Bank Trust Division boosted its holdings in Cadence Bank by 6.4% in the 1st quarter. Moody National Bank Trust Division now owns 38,176 shares of the company’s stock worth $1,159,000 after buying an additional 2,310 shares during the period. Mascagni Wealth Management Inc. bought a new position in Cadence Bank in the 4th quarter worth approximately $794,000. Mackenzie Financial Corp raised its position in shares of Cadence Bank by 122.5% during the fourth quarter. Mackenzie Financial Corp now owns 300,652 shares of the company’s stock valued at $10,357,000 after buying an additional 165,509 shares during the last quarter. Forum Financial Management LP purchased a new stake in Cadence Bank in the 4th quarter worth $216,000. Finally, Neo Ivy Capital Management bought a new position in Cadence Bank during the fourth quarter valued at approximately $344,000. Institutional investors 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.