Cadence Bank (NYSE:CADE) PT Lowered to $37.00 at Truist Financial

Cadence Bank (NYSE:CADE) had its price target reduced by Truist Financial from $38.00 to $37.00 in a report published on Friday, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities analysts have also weighed in on the company. Jefferies Financial Group cut their price target on Cadence Bank from $31.00 to $29.00 and set a hold rating for the company in a research note on Wednesday, July 3rd. Hovde Group increased their target price on Cadence Bank from $33.00 to $36.50 and gave the company an outperform rating in a research report on Wednesday, July 24th. Morgan Stanley boosted their price target on shares of Cadence Bank from $30.00 to $36.00 and gave the stock an equal weight rating in a report on Monday, August 5th. Stephens reaffirmed an overweight rating and set a $35.00 price objective on shares of Cadence Bank in a report on Tuesday, July 23rd. Finally, Piper Sandler lowered shares of Cadence Bank from an overweight rating to a neutral rating and lifted their target price for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $34.46.

Cadence Bank Trading Down 2.0 %

Cadence Bank stock opened at $31.99 on Friday. The firm has a market cap of $5.83 billion, a PE ratio of 10.22 and a beta of 0.97. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $34.13. The stock’s 50 day simple moving average is $31.37 and its two-hundred day simple moving average is $29.27. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm had revenue of $742.87 million for the quarter, compared to the consensus estimate of $439.63 million. During the same period in the prior year, the firm posted $0.64 earnings per share. Analysts anticipate that Cadence Bank will post 2.56 earnings per share for the current year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.13%. Cadence Bank’s payout ratio is 31.95%.

Institutional Investors Weigh In On Cadence Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after buying an additional 436 shares during the period. Rise Advisors LLC acquired a new stake in Cadence Bank during the first quarter worth $34,000. Innealta Capital LLC acquired a new position in shares of Cadence Bank in the 2nd quarter valued at $138,000. Argent Advisors Inc. purchased a new position in shares of Cadence Bank during the 1st quarter worth $204,000. Finally, Lavaca Capital LLC acquired a new stake in shares of Cadence Bank during the 1st quarter worth about $207,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.