Barclays Issues Positive Forecast for Cadence Bank (NYSE:CADE) Stock Price

Cadence Bank (NYSE:CADE) had its price objective upped by equities researchers at Barclays from $37.00 to $41.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential upside of 9.01% from the stock’s previous close.

A number of other analysts have also recently commented on the company. Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday. Royal Bank of Canada upped their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson upped their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus target price of $36.63.

Cadence Bank Stock Performance

Cadence Bank stock opened at $37.61 on Thursday. The stock’s 50 day simple moving average is $34.86 and its two-hundred day simple moving average is $31.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of 10.81 and a beta of 0.98. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the previous year, the firm posted $0.56 EPS. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, analysts expect that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. Dimensional Fund Advisors LP raised its position in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of Cadence Bank during the third quarter worth approximately $11,727,000. Vaughan Nelson Investment Management L.P. increased its position in shares of Cadence Bank by 16.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after acquiring an additional 291,885 shares during the period. Segall Bryant & Hamill LLC increased its position in shares of Cadence Bank by 21.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock worth $42,396,000 after acquiring an additional 237,748 shares during the period. Finally, FMR LLC increased its position in shares of Cadence Bank by 1.2% during the third quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after acquiring an additional 195,773 shares during the period. 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.