Cadence Bank (NYSE:CADE – Get Free Report)’s stock price fell 4.4% during trading on Wednesday after Raymond James lowered their price target on the stock from $35.00 to $34.00. Raymond James currently has a strong-buy rating on the stock. Cadence Bank traded as low as $26.93 and last traded at $27.03. 447,331 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 1,427,522 shares. The stock had previously closed at $28.27.
Several other equities analysts have also recently issued reports on CADE. Piper Sandler decreased their price target on shares of Cadence Bank from $30.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, October 25th. Morgan Stanley upped their price target on shares of Cadence Bank from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Thursday, October 26th. Hovde Group cut shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price target for the company. in a research report on Tuesday. Stephens restated an “overweight” rating and issued a $32.00 price target on shares of Cadence Bank in a research report on Tuesday. Finally, Citigroup increased their price objective on shares of Cadence Bank from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, December 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and an average price target of $27.88.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in CADE. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Cadence Bank by 10.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,023 shares of the company’s stock valued at $1,243,000 after purchasing an additional 4,057 shares in the last quarter. Strs Ohio lifted its position in shares of Cadence Bank by 26.8% during the fourth quarter. Strs Ohio now owns 19,900 shares of the company’s stock valued at $588,000 after purchasing an additional 4,200 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Cadence Bank during the fourth quarter valued at about $1,518,000. RFG Advisory LLC bought a new position in shares of Cadence Bank during the fourth quarter valued at about $264,000. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 81.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after purchasing an additional 687,025 shares in the last quarter. 80.22% of the stock is owned by institutional investors.
Cadence Bank Price Performance
The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average is $28.32 and its two-hundred day moving average is $24.58. The company has a market capitalization of $4.97 billion, a P/E ratio of 9.36 and a beta of 1.04.
Cadence Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend is Thursday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.24. Cadence Bank’s dividend payout ratio (DPR) is 32.30%.
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.