Morgan Stanley Issues Pessimistic Forecast for Cadence Bank (NYSE:CADE) Stock Price

Cadence Bank (NYSE:CADE) had its price target cut by Morgan Stanley from $46.00 to $42.00 in a report issued on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Citigroup upped their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Royal Bank of Canada restated a “sector perform” rating and issued a $38.00 price objective on shares of Cadence Bank in a report on Friday, January 24th. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $41.00 to $44.00 in a report on Thursday, December 19th. Finally, Stephens reiterated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $38.77.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $29.35 on Thursday. Cadence Bank has a 1 year low of $26.16 and a 1 year high of $40.20. The company’s 50-day moving average is $33.96 and its 200 day moving average is $34.12. The stock has a market capitalization of $5.35 billion, a P/E ratio of 10.59 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the previous year, the firm earned $0.40 EPS. Research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.275 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a yield of 3.75%. Cadence Bank’s dividend payout ratio is 39.71%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new position in Cadence Bank during the fourth quarter valued at approximately $26,000. Mather Group LLC. lifted its position in Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares during the period. Keystone Financial Group Inc. bought a new position in Cadence Bank during the fourth quarter valued at approximately $31,000. Point72 Hong Kong Ltd bought a new position in Cadence Bank during the third quarter valued at approximately $32,000. Finally, Smartleaf Asset Management LLC lifted its position in Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock valued at $40,000 after purchasing an additional 722 shares during the period. Institutional investors 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.