Cadence Bank (NYSE:CADE) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Cadence Bank (NYSE:CADE) from a hold rating to a sell rating in a research report released on Saturday.

A number of other equities analysts have also recently weighed in on the company. Morgan Stanley lowered their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods increased their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Friday, May 9th. Stephens reiterated an “overweight” rating and set a $40.00 price target on shares of Cadence Bank in a report on Tuesday, April 22nd. Royal Bank of Canada lowered their target price on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Finally, Barclays lowered their target price on Cadence Bank from $44.00 to $38.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.82.

Cadence Bank Trading Up 0.5%

Cadence Bank stock opened at $30.16 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 $5.50 billion, a P/E ratio of 10.89 and a beta of 0.84. The company has a 50-day moving average price of $29.95 and a 200 day moving average price of $32.23.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, topping 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 return on equity of 9.87% and a net margin of 18.03%. During the same period in the prior year, the business posted $0.62 EPS. As a group, analysts forecast that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date of this dividend is Friday, June 13th. Cadence Bank’s dividend payout ratio is currently 38.60%.

Cadence Bank announced that its board has initiated a share repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Cadence Bank

Hedge funds have recently bought and sold shares of the stock. New York State Teachers Retirement System raised its position in shares of Cadence Bank by 5.9% during the 4th quarter. New York State Teachers Retirement System now owns 236,546 shares of the company’s stock worth $8,149,000 after acquiring an additional 13,187 shares in the last quarter. Rhumbline Advisers raised its position in shares of Cadence Bank by 2.2% during the 4th quarter. Rhumbline Advisers now owns 624,177 shares of the company’s stock worth $21,503,000 after acquiring an additional 13,507 shares in the last quarter. Callahan Advisors LLC acquired a new stake in shares of Cadence Bank during the 4th quarter worth about $225,000. Handelsbanken Fonder AB raised its position in shares of Cadence Bank by 19.0% during the 4th quarter. Handelsbanken Fonder AB now owns 40,058 shares of the company’s stock worth $1,380,000 after acquiring an additional 6,400 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Cadence Bank by 3.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,836,594 shares of the company’s stock worth $63,271,000 after acquiring an additional 62,026 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.