Cadence Bank (NYSE:CADE) Downgraded to Neutral at Janney Montgomery Scott

Janney Montgomery Scott cut shares of Cadence Bank (NYSE:CADEGet Rating) from a buy rating to a neutral rating in a research note released on Thursday, reports. The firm currently has $30.00 price target on the stock, up from their previous price target of $29.00. The analysts noted that the move was a valuation call.

Separately, Stephens increased their price target on Cadence Bank to $32.00 and gave the stock an outperform rating in a research report on Wednesday, July 27th.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $28.12 on Thursday. The stock’s fifty day moving average is $27.01 and its two-hundred day moving average is $25.92. The company has a market capitalization of $3.05 billion, a PE ratio of 16.35 and a beta of 0.99. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 0.12. Cadence Bank has a 52 week low of $22.04 and a 52 week high of $34.24.

Cadence Bank (NYSE:CADEGet Rating) last posted its quarterly earnings results on Monday, October 24th. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.01. Cadence Bank had a return on equity of 11.92% and a net margin of 17.78%. The business had revenue of $479.85 million for the quarter, compared to the consensus estimate of $464.68 million. As a group, analysts expect that Cadence Bank will post 2.92 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Thursday, December 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Wednesday, December 14th. Cadence Bank’s payout ratio is currently 51.16%.

Institutional Investors Weigh In On Cadence Bank

Institutional investors have recently added to or reduced their stakes in the stock. Private Trust Co. NA bought a new stake in Cadence Bank during the second quarter valued at about $28,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in Cadence Bank during the third quarter valued at about $29,000. Exchange Traded Concepts LLC boosted its position in Cadence Bank by 58.6% during the third quarter. Exchange Traded Concepts LLC now owns 1,183 shares of the company’s stock valued at $30,000 after purchasing an additional 437 shares in the last quarter. Wipfli Financial Advisors LLC bought a new stake in Cadence Bank during the third quarter valued at about $50,000. Finally, Citizens National Bank Trust Department bought a new stake in Cadence Bank during the second quarter valued at about $57,000.

About Cadence Bank

(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.

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