Cadence Bank (NYSE:CADE) Shares Gap Down to $21.54

Cadence Bank (NYSE:CADE – Get Rating)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $21.54, but opened at $19.84. Cadence Bank shares last traded at $20.40, with a volume of 432,621 shares traded.

Analyst Ratings Changes

CADE has been the topic of a number of analyst reports. Morgan Stanley cut their price objective on shares of Cadence Bank from $32.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 1st. UBS Group began coverage on shares of Cadence Bank in a research note on Wednesday. They issued a “sell” rating and a $21.00 target price for the company. Keefe, Bruyette & Woods lowered their target price on shares of Cadence Bank from $35.00 to $32.00 and set an “outperform” rating for the company in a research note on Thursday, February 2nd. Stephens lifted their target price on shares of Cadence Bank from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 1st. Finally, Truist Financial lowered their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “buy” rating for the company in a research note on Wednesday, February 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and a consensus price target of $29.11.

Cadence Bank Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.74 and a current ratio of 0.75. The firm’s 50 day simple moving average is $25.90 and its 200 day simple moving average is $26.29. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 8.84 and a beta of 0.99.

Cadence Bank (NYSE:CADE – Get Rating) last announced its quarterly earnings data on Tuesday, January 31st. The company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.75 by $0.03. Cadence Bank had a net margin of 22.56% and a return on equity of 13.05%. The business had revenue of $474.23 million during the quarter, compared to analysts’ expectations of $485.08 million. During the same period in the previous year, the business posted $0.63 EPS. The business’s quarterly revenue was up 26.4% compared to the same quarter last year. Sell-side analysts forecast that Cadence Bank will post 2.82 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 4.32%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Tuesday, March 14th. Cadence Bank’s payout ratio is presently 35.77%.

Institutional Trading of Cadence Bank

Institutional investors and hedge funds have recently bought and sold shares of the business. State of Wyoming acquired a new stake in Cadence Bank during the 4th quarter valued at approximately $25,000. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Cadence Bank during the 3rd quarter valued at approximately $29,000. Private Trust Co. NA purchased a new position in shares of Cadence Bank during the 2nd quarter valued at approximately $28,000. Exchange Traded Concepts LLC increased its holdings in shares of Cadence Bank by 58.6% during the 3rd 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. Finally, Wipfli Financial Advisors LLC purchased a new position in shares of Cadence Bank during the 3rd quarter valued at approximately $50,000.

About Cadence Bank

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Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, 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.