Cadence Bank (NYSE:CADE) PT Lowered to $31.00 at Truist Financial

Cadence Bank (NYSE:CADEFree Report) had its price target lowered by Truist Financial from $33.00 to $31.00 in a report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently issued reports on CADE. Stephens reaffirmed an overweight rating and set a $33.00 price target on shares of Cadence Bank in a report on Tuesday, April 23rd. Barclays raised their price target on Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a report on Monday, June 24th. Jefferies Financial Group cut their price target on Cadence Bank from $31.00 to $29.00 and set a hold rating for the company in a report on Wednesday, July 3rd. Hovde Group raised Cadence Bank from a market perform rating to an outperform rating and raised their price target for the company from $32.50 to $33.00 in a report on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods raised their price target on Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of Moderate Buy and an average target price of $31.00.

Read Our Latest Analysis on Cadence Bank

Cadence Bank Trading Up 1.8 %

NYSE CADE opened at $28.60 on Monday. The company has a market cap of $5.21 billion, a PE ratio of 9.14 and a beta of 0.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $31.45. The stock has a 50 day moving average of $28.31 and a 200-day moving average of $28.07.

Cadence Bank (NYSE:CADEGet Free Report) last released its quarterly earnings data on Friday, April 26th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million during the quarter, compared to the consensus estimate of $427.18 million. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 EPS. On average, equities research analysts anticipate that Cadence Bank will post 2.48 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.50%. The ex-dividend date was Friday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Trading of Cadence Bank

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares in the last quarter. Retirement Systems of Alabama boosted its stake in shares of Cadence Bank by 0.3% during the first quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after purchasing an additional 602 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Cadence Bank by 0.3% during the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after purchasing an additional 689 shares in the last quarter. AlphaMark Advisors LLC boosted its stake in shares of Cadence Bank by 6.8% during the fourth quarter. AlphaMark Advisors LLC now owns 11,482 shares of the company’s stock valued at $340,000 after purchasing an additional 728 shares in the last quarter. Finally, Wolverine Asset Management LLC boosted its stake in shares of Cadence Bank by 952.0% during the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after purchasing an additional 952 shares in the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

About Cadence Bank

(Get Free Report)

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.

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