Cadence Bank (NYSE:CADE) PT Raised to $38.00 at Truist Financial

Cadence Bank (NYSE:CADE) had its target price upped by Truist Financial from $31.00 to $38.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

CADE has been the subject of a number of other research reports. Stephens reiterated an overweight rating and set a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday. 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. Keefe, Bruyette & Woods upped their price objective on Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a research report on Wednesday, April 24th. Hovde Group upped their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an outperform rating in a research report on Wednesday. Finally, Barclays upped their price objective on Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a research report on Monday, June 24th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $33.79.

Cadence Bank Stock Up 0.5 %

CADE stock opened at $33.53 on Wednesday. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The business has a fifty day moving average price of $28.96 and a 200-day moving average price of $28.29. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.85. The stock has a market capitalization of $6.11 billion, a P/E ratio of 10.71 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The firm had revenue of $742.87 million during the quarter, compared to analysts’ expectations of $439.63 million. During the same quarter in the previous year, the business earned $0.64 earnings per share. Equities analysts forecast that Cadence Bank will post 2.51 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Cadence Bank by 4.9% in the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after acquiring an additional 940,895 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Cadence Bank by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after acquiring an additional 376,989 shares during the period. Wellington Management Group LLP boosted its stake in shares of Cadence Bank by 7.3% in the fourth quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock worth $248,633,000 after acquiring an additional 574,633 shares during the period. Bank of New York Mellon Corp boosted its stake in Cadence Bank by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after buying an additional 36,323 shares during the last quarter. Finally, Norges Bank bought a new position in Cadence Bank during the fourth quarter valued at approximately $60,490,000. 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.