Cadence Bank (NYSE:CADE) Price Target Cut to $35.00 by Analysts at Hovde Group

Cadence Bank (NYSE:CADE) had its price target cut by Hovde Group from $40.00 to $35.00 in a research note published on Wednesday,Benzinga reports. They currently have a market perform rating on the stock.

Several other equities analysts have also recently commented on CADE. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Stephens restated an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research report on Friday, January 24th. Morgan Stanley decreased their price target on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Citigroup lifted 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. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.64.

Cadence Bank Stock Up 0.2 %

CADE stock opened at $30.47 on Wednesday. The stock has a 50-day simple moving average of $32.60 and a two-hundred day simple moving average of $34.01. Cadence Bank has a twelve month low of $26.16 and a twelve month high of $40.20. The firm has a market capitalization of $5.55 billion, a PE ratio of 11.00 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, beating the consensus estimate 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 quarter in the previous year, the company earned $0.40 earnings per share. On average, equities research analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is 39.71%.

Hedge Funds Weigh In On Cadence Bank

Large investors have recently bought and sold shares of the stock. Brooklyn Investment Group bought a new position in shares of Cadence Bank in the fourth quarter worth approximately $26,000. Mather Group LLC. grew its holdings in Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after acquiring an additional 709 shares during the last quarter. Keystone Financial Group Inc. purchased a new position in shares of Cadence Bank in the fourth quarter valued at about $31,000. Point72 Hong Kong Ltd bought a new position in shares of Cadence Bank during the third quarter valued at about $32,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Cadence Bank by 163.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after purchasing an additional 722 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.