Cadence Bank (NYSE:CADE) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Cadence Bank (NYSE:CADEGet Rating) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “Cadence Bank provides consumers, businesses and corporations with banking and financial solutions. The company’s services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized 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. Cadence Bank, formerly known as BancorpSouth Bank, is based in TUPELO, Miss. “

Other analysts have also recently issued research reports about the stock. TheStreet cut shares of Cadence Bank from a b rating to a c+ rating in a research note on Wednesday, April 13th. Raymond James raised their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a strong-buy rating in a research report on Thursday, January 27th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cadence Bank currently has an average rating of Buy and an average price target of $36.40.

NYSE:CADE opened at $26.11 on Thursday. Cadence Bank has a 12-month low of $25.39 and a 12-month high of $34.24. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 13.81 and a beta of 1.01. The stock’s 50 day moving average price is $28.89 and its two-hundred day moving average price is $29.42. The company has a quick ratio of 0.67, a current ratio of 0.68 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADEGet Rating) last posted its earnings results on Monday, April 25th. The company reported $0.60 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.60. Cadence Bank had a return on equity of 11.01% and a net margin of 15.49%. The business had revenue of $440.26 million for the quarter, compared to analyst estimates of $427.57 million. During the same period in the previous year, the firm earned $0.73 EPS. Equities research analysts expect that Cadence Bank will post 2.79 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Tuesday, June 14th. Cadence Bank’s dividend payout ratio (DPR) is 46.56%.

Several large investors have recently made changes to their positions in CADE. FMR LLC boosted its stake in shares of Cadence Bank by 5.1% in the first quarter. FMR LLC now owns 2,703,959 shares of the company’s stock valued at $50,158,000 after buying an additional 131,997 shares during the period. Amundi Pioneer Asset Management Inc. bought a new stake in Cadence Bank during the first quarter worth about $3,290,000. Morgan Stanley lifted its position in Cadence Bank by 82.0% during the second quarter. Morgan Stanley now owns 814,180 shares of the company’s stock worth $17,001,000 after purchasing an additional 366,767 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Cadence Bank during the third quarter worth about $227,000. Finally, New York State Common Retirement Fund increased its holdings in Cadence Bank by 48.4% in the 3rd quarter. New York State Common Retirement Fund now owns 843,610 shares of the company’s stock valued at $18,526,000 after buying an additional 275,114 shares during the period. Hedge funds and other institutional investors own 84.43% of the company’s stock.

Cadence Bank Company Profile (Get Rating)

Cadence Bank provides commercial banking and financial services in the United States. 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.

Read More

Get a free copy of the Zacks research report on Cadence Bank (CADE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Want More Great Investing Ideas?

Receive News & Ratings for Cadence Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Bank and related companies with MarketBeat.com's FREE daily email newsletter.