Cadence Bank (NYSE:CADE) Price Target Raised to $34.00

Cadence Bank (NYSE:CADE) had its price objective boosted by equities researchers at Hovde Group from $32.00 to $34.00 in a research report issued on Tuesday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the stock. Hovde Group’s price objective would indicate a potential upside of 16.12% from the company’s current price.

Several other research analysts also recently commented on CADE. Barclays lowered their target price on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Citigroup boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Morgan Stanley reduced their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada reduced their price target 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. Finally, DA Davidson reduced their target price on Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average price target of $37.27.

Cadence Bank Stock Performance

CADE opened at $29.28 on Tuesday. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20. The company has a market capitalization of $5.34 billion, a P/E ratio of 10.57 and a beta of 0.87. The stock has a fifty day moving average of $29.57 and a 200-day moving average of $33.43.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million during the quarter, compared to the consensus estimate of $451.61 million. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. During the same quarter in the previous year, the firm earned $0.62 earnings per share. On average, equities research analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank announced that its board has initiated a stock repurchase plan on Friday, April 25th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Cadence Bank

Several hedge funds and other institutional investors have recently modified their holdings of CADE. Victory Capital Management Inc. increased its holdings in Cadence Bank by 1.4% during the 4th quarter. Victory Capital Management Inc. now owns 50,453 shares of the company’s stock worth $1,738,000 after acquiring an additional 685 shares during the period. Franklin Resources Inc. bought a new stake in shares of Cadence Bank in the 3rd quarter valued at about $947,000. Charles Schwab Investment Management Inc. grew its position in Cadence Bank by 0.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,254,795 shares of the company’s stock worth $77,678,000 after acquiring an additional 12,309 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Cadence Bank by 7.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 28,439 shares of the company’s stock worth $980,000 after purchasing an additional 2,073 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Cadence Bank by 163.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after buying an additional 722 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

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.