Cadence Bank (NYSE:CADE – Get Rating) reached a new 52-week low during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $29.00 to $25.00. Truist Financial currently has a buy rating on the stock. Cadence Bank traded as low as $19.24 and last traded at $19.56, with a volume of 111607 shares. The stock had previously closed at $19.84.
Several other research firms have also commented on CADE. DA Davidson lowered their price target on shares of Cadence Bank from $29.50 to $25.00 and set a “buy” rating on the stock in a research report on Tuesday. UBS Group started coverage on shares of Cadence Bank in a research report on Wednesday, March 15th. They set a “sell” rating and a $21.00 target price on the stock. Stephens raised their target price on shares of Cadence Bank from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 1st. Keefe, Bruyette & Woods decreased their target price on shares of Cadence Bank from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, February 2nd. Finally, Raymond James decreased their target price on shares of Cadence Bank from $32.00 to $30.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, February 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.30.
Hedge Funds Weigh In On Cadence Bank
A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake in shares of Cadence Bank by 9.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,508,023 shares of the company’s stock valued at $185,148,000 after acquiring an additional 669,647 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Cadence Bank by 29.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,324,626 shares of the company’s stock valued at $106,646,000 after purchasing an additional 971,590 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cadence Bank by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,353,360 shares of the company’s stock valued at $82,693,000 after purchasing an additional 118,487 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Cadence Bank by 6.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,124,370 shares of the company’s stock valued at $91,419,000 after purchasing an additional 182,950 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Cadence Bank by 12.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,913,360 shares of the company’s stock valued at $68,406,000 after purchasing an additional 330,303 shares in the last quarter.
Cadence Bank Stock Performance
The stock’s fifty day moving average is $25.42 and its two-hundred day moving average is $26.10. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 8.07 and a beta of 0.99. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.74 and a current ratio of 0.75.
Cadence Bank (NYSE:CADE – Get Rating) last released its quarterly earnings results on Tuesday, January 31st. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.03. The business had revenue of $474.23 million during the quarter, compared to analyst estimates of $485.08 million. Cadence Bank had a net margin of 22.56% and a return on equity of 13.05%. The business’s revenue was up 26.4% on a year-over-year basis. During the same period last year, the business earned $0.63 EPS. Analysts forecast that Cadence Bank will post 2.82 earnings per share for the current year.
Cadence Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be issued a dividend of $0.235 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.22. This represents a $0.94 annualized dividend and a yield of 4.81%. The ex-dividend date of this dividend is Tuesday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is currently 38.21%.
Cadence Bank Company Profile
Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance.
