Cadence Bank (NYSE:CADE) Price Target Raised to $37.00

Cadence Bank (NYSE:CADE) had its price objective boosted by research analysts at Barclays from $35.00 to $37.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective would indicate a potential upside of 8.82% from the company’s current price.

Several other brokerages have also recently weighed in on CADE. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Royal Bank of Canada increased their price objective on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, July 24th. Truist Financial decreased their target price on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Finally, Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $35.04.

Cadence Bank Stock Up 4.7 %

CADE stock opened at $34.00 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $6.20 billion, a P/E ratio of 10.86 and a beta of 0.96. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.18. The business has a 50-day moving average of $31.62 and a 200-day moving average of $29.88.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. The company had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the business earned $0.56 EPS. On average, sell-side analysts anticipate that Cadence Bank will post 2.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Moody Aldrich Partners LLC boosted its stake in Cadence Bank by 28.6% in the 3rd quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock valued at $9,394,000 after purchasing an additional 65,595 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of Cadence Bank during the third quarter worth $5,511,000. Vest Financial LLC lifted its holdings in shares of Cadence Bank by 15.9% during the third quarter. Vest Financial LLC now owns 46,681 shares of the company’s stock worth $1,487,000 after buying an additional 6,419 shares in the last quarter. Net Worth Advisory Group bought a new stake in shares of Cadence Bank in the third quarter valued at about $291,000. Finally, V Square Quantitative Management LLC acquired a new position in shares of Cadence Bank in the third quarter valued at about $25,000. Institutional investors and hedge funds 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.