Cadence Bank (NYSE: CADE – Get a rating) has been assigned an average “Buy” recommendation by the seven rating agencies that currently cover the company, reports Marketbeat Ratings. Two equity research analysts gave the stock a buy rating and one gave the company a strong buy rating. The 12-month average target price among analysts who have covered the stock over the past year is $31.33.
CADE has been the subject of several analyst reports. Jefferies Financial Group reduced its target price on Cadence Bank from $28.00 to $26.00 in a Monday, July 11 report. Truist Financial reduced its target price on Cadence Bank from $32.00 to $30.00 in a Wednesday, June 15 report. Raymond James cut its target price on Cadence Bank from $35.00 to $32.00 and set a “Strong Buy” rating for the company in a Thursday, July 7 report. Stephens raised his price target on Cadence Bank to $32.00 and gave the stock an “outperform” rating in a Wednesday, July 27, report. Finally, Piper Sandler reduced her target price on Cadence Bank to $33.00 in a Monday, July 4 report.
Performance of Cadence Bank shares
CADE shares opened at $27.76 on Friday. The company’s fifty-day moving average is $24.84 and its 200-day moving average is $27.07. Cadence Bank has a 12-month low of $22.04 and a 12-month high of $34.24. The company has a market capitalization of $3.02 billion, a price-earnings ratio of 16.23 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt ratio of 0.11.
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Cadence Bank (NYSE: CADE – Get a rating) last released its results on Monday, July 25. The company reported EPS of $0.68 for the quarter, beating the consensus estimate of $0.66 by $0.02. Cadence Bank posted a net margin of 17.35% and a return on equity of 11.01%. In the same quarter of the previous year, the company had an EPS of $0.86. Equity analysts expect Cadence Bank to post EPS of 2.92 for the current fiscal year.
Cadence Bank Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3. Shareholders of record on Thursday, September 15 will receive a dividend of $0.22 per share. The ex-dividend date is Wednesday, September 14. This represents a dividend of $0.88 on an annualized basis and a dividend yield of 3.17%. Cadence Bank’s dividend payout ratio (DPR) is currently 51.46%.
Institutional entries and exits
A number of large investors have recently changed their holdings in the company. Walleye Capital LLC increased its holdings of Cadence Bank shares by 9.4% during the second quarter. Walleye Capital LLC now owns 174,925 shares of the company worth $4,107,000 after purchasing an additional 15,097 shares in the last quarter. Algebris UK Ltd bought a new stake in shares of Cadence Bank during the second quarter worth approximately $3,233,000. Macquarie Group Ltd. increased its position in Cadence Bank shares by 10.8% during the second quarter. Macquarie Group Ltd. now owns 14,819 shares of the company valued at $348,000 after purchasing an additional 1,444 shares during the period. Castleview Partners LLC increased its position in Cadence Bank shares by 2,248.0% during the second quarter. Castleview Partners LLC now owns 17,915 shares of the company valued at $763,000 after purchasing an additional 17,152 shares during the period. Finally, United Services Automobile Association purchased a new stake in Cadence Bank stock during the second quarter worth approximately $473,000. 71.03% of the shares are currently held by institutional investors and hedge funds.
About Cadence Bank
Cadence Bank provides commercial banking and financial services in the United States. Its products and services include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, corporate and business banking, cash management, specialty and asset-based lending, commercial real estate, equipment finance and correspondent banking.
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