Keefe, Bruyette & Woods Increases Cadence Bank (NYSE:CADE) Price Target to $33.00

Cadence Bank (NYSE:CADE) had its target price raised by equities research analysts at Keefe, Bruyette & Woods from $32.00 to $33.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 13.13% from the stock’s previous close.

CADE has been the topic of a number of other reports. TheStreet cut shares of Cadence Bank from a “b” rating to a “c” rating in a research report on Tuesday, January 30th. Morgan Stanley increased their price objective on Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Jefferies Financial Group lowered their price objective on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a report on Monday, April 8th. Stephens restated an “overweight” rating and set a $33.00 price target on shares of Cadence Bank in a report on Tuesday. Finally, Barclays assumed coverage on shares of Cadence Bank in a research note on Friday, March 8th. They set an “equal weight” rating and a $28.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Cadence Bank Stock Performance

CADE stock traded up $0.28 during trading on Wednesday, reaching $29.17. The stock had a trading volume of 747,871 shares, compared to its average volume of 1,372,741. The firm has a market cap of $5.33 billion, a PE ratio of 9.29 and a beta of 1.02. Cadence Bank has a 52 week low of $16.95 and a 52 week high of $31.45. The stock’s 50 day moving average is $27.62 and its two-hundred day moving average is $26.51. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Tuesday, April 23rd. The company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. The company had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 9.22%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.68 EPS. As a group, equities analysts anticipate that Cadence Bank will post 2.38 earnings per share for the current year.

Hedge Funds Weigh In On Cadence Bank

Large investors have recently made changes to their positions in the company. Fifth Third Bancorp increased its position in Cadence Bank by 165.8% during the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock worth $31,000 after buying an additional 905 shares in the last quarter. Wolverine Asset Management LLC lifted its stake in shares of Cadence Bank by 952.0% in the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after buying an additional 952 shares during the period. Rise Advisors LLC bought a new stake in shares of Cadence Bank during the first quarter valued at approximately $34,000. Allspring Global Investments Holdings LLC boosted its stake in Cadence Bank by 8.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock worth $142,000 after purchasing an additional 524 shares during the period. Finally, Hardy Reed LLC bought a new stake in shares of Cadence Bank in the 3rd quarter valued at about $203,000. 84.61% of the stock is owned by hedge funds and other 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.