Cadence Bank (NYSE:CADE) Given Average Recommendation of “Moderate Buy” by Brokerages

Cadence Bank (NYSE:CADE) has been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are presently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $36.82.

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, May 9th. Wall Street Zen cut shares of Cadence Bank from a “hold” rating to a “sell” rating in a research note on Friday, May 30th. Hovde Group increased their price objective on shares of Cadence Bank from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Royal Bank of Canada reduced their price objective on shares of Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Finally, Stephens reissued an “overweight” rating and issued a $40.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 22nd.

Hedge Funds Weigh In On Cadence Bank

Institutional investors have recently bought and sold shares of the business. 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 last quarter. Keystone Financial Group Inc. purchased a new position in shares of Cadence Bank during the 4th quarter worth about $31,000. Smartleaf Asset Management LLC boosted its stake in shares of Cadence Bank by 163.7% during the 4th 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. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Cadence Bank during the 1st quarter worth about $40,000. Finally, Abound Wealth Management boosted its stake in shares of Cadence Bank by 223.3% during the 1st quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after purchasing an additional 1,150 shares during the period. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Trading Up 2.4%

Shares of CADE stock opened at $30.81 on Friday. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The stock has a market cap of $5.61 billion, a P/E ratio of 11.12 and a beta of 0.84. The company has a 50 day simple moving average of $29.52 and a two-hundred day simple moving average of $32.62.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, April 21st. The company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.07. The business had revenue of $448.55 million during the quarter, compared to analysts’ expectations of $451.61 million. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the prior year, the company earned $0.62 earnings per share. As a group, equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank declared that its board has approved a stock buyback plan on Friday, April 25th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.57%. Cadence Bank’s dividend payout ratio (DPR) is currently 38.60%.

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.