Cadence Bank (NYSE:CADE) Price Target Increased to $39.00 by Analysts at DA Davidson

Cadence Bank (NYSE:CADE) had its price objective upped by DA Davidson from $34.50 to $39.00 in a research report released on Wednesday, Benzinga reports. DA Davidson currently has a buy rating on the stock. DA Davidson also issued estimates for Cadence Bank’s Q3 2024 earnings at $0.65 EPS.

Several other research analysts have also recently issued reports on CADE. Keefe, Bruyette & Woods lifted their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an outperform rating in a report on Wednesday, April 24th. Royal Bank of Canada reissued a sector perform rating and set a $31.00 price objective on shares of Cadence Bank in a report on Tuesday, April 9th. Hovde Group boosted their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the company an outperform rating in a report on Wednesday. Barclays boosted their price objective on shares of Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a report on Monday, June 24th. Finally, Piper Sandler cut shares of Cadence Bank from an overweight rating to a neutral rating and boosted their price objective for the company from $33.00 to $34.00 in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $33.79.

Cadence Bank Stock Up 0.4 %

Shares of Cadence Bank stock opened at $33.51 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market capitalization of $6.11 billion, a PE ratio of 10.71 and a beta of 0.98. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13. The company has a 50-day simple moving average of $28.96 and a two-hundred day simple moving average of $28.29.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08. The business had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same period in the previous year, the company earned $0.64 earnings per share. On average, analysts anticipate that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.98%. Cadence Bank’s dividend payout ratio is currently 31.95%.

Institutional Trading of Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. Pacer Advisors Inc. boosted its position in shares of Cadence Bank by 79.5% in the fourth quarter. Pacer Advisors Inc. now owns 27,460 shares of the company’s stock worth $813,000 after purchasing an additional 12,158 shares during the period. Precedent Wealth Partners LLC bought a new position in shares of Cadence Bank in the fourth quarter worth approximately $223,000. AlphaMark Advisors LLC boosted its position in shares of Cadence Bank by 6.8% in the fourth quarter. AlphaMark Advisors LLC now owns 11,482 shares of the company’s stock worth $340,000 after purchasing an additional 728 shares during the period. Stonegate Investment Group LLC bought a new position in shares of Cadence Bank in the fourth quarter worth approximately $258,000. Finally, Moody Lynn & Lieberson LLC bought a new position in shares of Cadence Bank during the fourth quarter worth $205,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

About Cadence Bank

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.