Cadence Bank (NYSE:CADE) Upgraded at Hovde Group

Hovde Group upgraded shares of Cadence Bank (NYSE:CADE) from a market perform rating to an outperform rating in a research report released on Wednesday, MarketBeat.com reports. Hovde Group currently has $33.00 price objective on the stock, up from their previous price objective of $32.50.

Several other research firms have also commented on CADE. Jefferies Financial Group decreased their price target on shares of Cadence Bank from $30.00 to $29.00 and set a hold rating for the company in a research report on Monday, April 8th. Citigroup raised their target price on shares of Cadence Bank from $27.00 to $32.00 and gave the company a neutral rating in a research note on Friday, December 29th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $31.00 price target on shares of Cadence Bank in a report on Tuesday, April 9th. Truist Financial increased their price objective on Cadence Bank from $32.00 to $33.00 and gave the company a buy rating in a report on Monday, April 1st. Finally, TheStreet downgraded Cadence Bank from a b rating to a c rating in a research note on Tuesday, January 30th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $31.09.

Cadence Bank Trading Down 0.2 %

Shares of NYSE CADE opened at $29.01 on Wednesday. Cadence Bank has a 1-year low of $16.95 and a 1-year high of $31.45. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50 day moving average is $27.74 and its two-hundred day moving average is $26.60. The stock has a market capitalization of $5.30 billion, a P/E ratio of 9.27 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The business had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.68 earnings per share. As a group, research analysts expect that Cadence Bank will post 2.39 EPS for the current year.

Cadence Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Friday, June 14th. Cadence Bank’s dividend payout ratio 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. Wolverine Asset Management LLC boosted its holdings in shares of Cadence Bank by 952.0% in the 4th 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 in the last quarter. Rise Advisors LLC purchased a new stake in Cadence Bank in the first quarter valued at $34,000. Fifth Third Bancorp boosted its stake in Cadence Bank by 165.8% in the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock valued at $31,000 after acquiring an additional 905 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Cadence Bank by 8.5% during the third 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 last quarter. Finally, Moody Lynn & Lieberson LLC acquired a new stake in shares of Cadence Bank during the fourth quarter worth about $205,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Company Profile

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.