Cadence Bank (NYSE:CADE) Reaches New 52-Week Low – Here’s What Happened

Cadence Bank (NYSE:CADE)’s stock price hit a new 52-week low on Friday . The company traded as low as $25.71 and last traded at $25.68, with a volume of 120683 shares changing hands. The stock had previously closed at $27.57.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CADE. Royal Bank of Canada reiterated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Morgan Stanley reduced their target price on shares of Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Citigroup raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a report on Thursday, January 23rd. Finally, Hovde Group lowered their target price on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $38.64.

Cadence Bank Price Performance

The business has a 50 day moving average of $32.29 and a 200 day moving average of $33.94. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of 9.53 and a beta of 0.87.

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

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a yield of 4.17%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s payout ratio is currently 39.71%.

Institutional Investors Weigh In On Cadence Bank

Several hedge funds have recently bought and sold shares of the company. Brooklyn Investment Group acquired a new position in shares of Cadence Bank in the 4th quarter valued at $26,000. Mather Group LLC. lifted its holdings in Cadence Bank by 716.2% during the fourth quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after acquiring an additional 709 shares in the last quarter. Keystone Financial Group Inc. acquired a new position in Cadence Bank in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC increased its holdings in shares of Cadence Bank by 163.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,163 shares of the company’s stock worth $40,000 after acquiring an additional 722 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of Cadence Bank by 504.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,718 shares of the company’s stock worth $59,000 after purchasing an additional 1,434 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.