Cadence Bank (NYSE:CADE) Given Average Recommendation of “Hold” by Brokerages

Shares of Cadence Bank (NYSE:CADE) have earned an average recommendation of “Hold” from the ten brokerages that are currently covering the company, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $42.8750.

A number of brokerages have recently commented on CADE. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the company a “neutral” rating in a research report on Monday, October 27th. Morgan Stanley downgraded shares of Cadence Bank from an “overweight” rating to a “sell” rating in a report on Tuesday, October 28th. Stephens lowered shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, October 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods cut Cadence Bank from a “moderate buy” rating to a “hold” rating and increased their price target for the company from $41.00 to $49.00 in a report on Monday, November 3rd.

Institutional Investors Weigh In On Cadence Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Investment Advisers LLC purchased a new stake in shares of Cadence Bank in the 2nd quarter valued at approximately $25,000. Mather Group LLC. purchased a new stake in shares of Cadence Bank during the 3rd quarter valued at approximately $26,000. Advisory Services Network LLC acquired a new position in Cadence Bank in the third quarter valued at approximately $32,000. Community Bank N.A. purchased a new position in Cadence Bank in the third quarter worth approximately $35,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Cadence Bank during the third quarter worth $38,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Stock Performance

Shares of NYSE:CADE opened at $42.14 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.86 and a quick ratio of 0.86. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $46.74. The firm has a market capitalization of $7.68 billion, a PE ratio of 14.94 and a beta of 0.95. The business’s 50 day moving average price is $43.19 and its 200-day moving average price is $39.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.The company had revenue of $528.41 million for the quarter, compared to analyst estimates of $525.15 million. During the same quarter last year, the firm posted $0.70 EPS. As a group, equities research analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, January 30th will be issued a dividend of $0.3438 per share. The ex-dividend date is Friday, January 30th. This represents a $1.38 annualized dividend and a dividend yield of 3.3%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s payout ratio is presently 39.01%.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.