Cadence Bank’s (CADE) Overweight Rating Reaffirmed at Stephens

Stephens reaffirmed their overweight rating on shares of Cadence Bank (NYSE:CADE) in a research report sent to investors on Tuesday morning, Benzinga reports. Stephens currently has a $35.00 price target on the stock.

A number of other brokerages have also weighed in on CADE. Royal Bank of Canada restated a sector perform rating and issued a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Truist Financial reduced their price objective on Cadence Bank from $33.00 to $31.00 and set a buy rating on the stock in a research report on Monday, July 8th. Jefferies Financial Group dropped their target price on Cadence Bank from $31.00 to $29.00 and set a hold rating for the company in a research report on Wednesday, July 3rd. Barclays lifted their price target on Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a research note on Monday, June 24th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a report on Wednesday, April 24th. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of Moderate Buy and an average price target of $33.79.

Cadence Bank Stock Performance

CADE opened at $33.53 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.85 and a current ratio of 0.86. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13. The firm has a market cap of $6.11 billion, a P/E ratio of 10.71 and a beta of 0.98. The business’s fifty day moving average is $28.96 and its 200-day moving average is $28.29.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, July 22nd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. During the same period in the previous year, the business earned $0.64 earnings per share. Sell-side analysts expect that Cadence Bank will post 2.51 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid 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 (DPR) is presently 31.95%.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently made changes to their positions in CADE. GAMMA Investing LLC raised its position in 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 last quarter. AlphaMark Advisors LLC raised its holdings in shares of Cadence Bank by 5.6% in the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock valued at $307,000 after purchasing an additional 579 shares during the last quarter. Retirement Systems of Alabama lifted its position in shares of Cadence Bank by 0.3% during the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after purchasing an additional 602 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Cadence Bank by 0.3% during the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock worth $6,681,000 after purchasing an additional 689 shares during the last quarter. Finally, Wolverine Asset Management LLC grew its position in Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares in the last quarter. 84.61% of the stock is owned by 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.