Brokerages Set Cadence Bank (NYSE:CADE) Target Price at $37.27

Shares of Cadence Bank (NYSE:CADE) have been given an average rating of “Moderate Buy” by the eleven brokerages that are currently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $36.82.

Several research firms have weighed in on CADE. Stephens reiterated an “overweight” rating and issued a $40.00 price target on shares of Cadence Bank in a research report on Tuesday, April 22nd. Royal Bank of Canada decreased their target price on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Citigroup boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Barclays lowered their price objective on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Morgan Stanley reduced their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th.

Institutional Investors Weigh In On Cadence Bank

Hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its holdings in shares of Cadence Bank by 0.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock worth $1,284,000 after acquiring an additional 300 shares in the last quarter. GAMMA Investing LLC increased its position in Cadence Bank by 19.3% in the fourth quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock worth $64,000 after purchasing an additional 301 shares during the last quarter. Ironwood Investment Management LLC raised its stake in Cadence Bank by 1.2% during the fourth quarter. Ironwood Investment Management LLC now owns 30,170 shares of the company’s stock valued at $1,039,000 after purchasing an additional 354 shares in the last quarter. Arizona State Retirement System lifted its position in Cadence Bank by 0.8% during the fourth quarter. Arizona State Retirement System now owns 53,034 shares of the company’s stock valued at $1,827,000 after purchasing an additional 415 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cadence Bank by 0.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company’s stock worth $1,568,000 after buying an additional 480 shares in the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

CADE stock opened at $30.75 on Tuesday. The company has a market cap of $5.60 billion, a price-to-earnings ratio of 11.10 and a beta of 0.84. The business’s 50-day moving average is $29.26 and its two-hundred day moving average is $33.29. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.07. The firm had revenue of $448.55 million for the quarter, compared to analysts’ expectations of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the prior year, the business earned $0.62 EPS. Equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s payout ratio is currently 38.60%.

Cadence Bank declared that its Board of Directors has authorized a share buyback program on Friday, April 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.