Morgan Stanley Raises Cadence Bank (NYSE:CADE) Price Target to $27.00

Cadence Bank (NYSE:CADEGet Free Report) had its price objective boosted by equities research analysts at Morgan Stanley from $24.00 to $27.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 4.73% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. DA Davidson reaffirmed a “buy” rating on shares of Cadence Bank in a report on Monday, January 15th. Jefferies Financial Group dropped their price objective on shares of Cadence Bank from $23.00 to $22.00 in a research report on Tuesday, October 10th. Stephens reaffirmed an “overweight” rating and issued a $32.00 target price on shares of Cadence Bank in a research report on Tuesday, January 30th. Piper Sandler decreased their price target on shares of Cadence Bank from $30.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Finally, Hovde Group cut shares of Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 price target for the company. in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five 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 an average rating of “Moderate Buy” and an average price target of $28.13.

View Our Latest Report on Cadence Bank

Cadence Bank Price Performance

NYSE CADE opened at $25.78 on Wednesday. Cadence Bank has a 52-week low of $16.95 and a 52-week high of $31.45. The firm’s 50 day moving average price is $28.50 and its 200-day moving average price is $24.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.86. The company has a market cap of $4.71 billion, a PE ratio of 8.86 and a beta of 1.02.

Hedge Funds Weigh In On Cadence Bank

A number of large investors have recently made changes to their positions in CADE. Vanguard Group Inc. boosted its position in Cadence Bank by 0.4% during the third quarter. Vanguard Group Inc. now owns 19,172,865 shares of the company’s stock worth $406,848,000 after purchasing an additional 69,805 shares during the period. State Street Corp boosted its position in shares of Cadence Bank by 2.5% in the second quarter. State Street Corp now owns 9,244,407 shares of the company’s stock valued at $183,797,000 after acquiring an additional 228,289 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Cadence Bank by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock valued at $273,421,000 after acquiring an additional 376,989 shares during the period. Wellington Management Group LLP boosted its position in shares of Cadence Bank by 15.7% in the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock valued at $166,110,000 after acquiring an additional 1,063,055 shares during the period. Finally, T. Rowe Price Investment Management Inc. lifted its position in Cadence Bank by 29.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,324,626 shares of the company’s stock worth $106,646,000 after purchasing an additional 971,590 shares during the period. Institutional investors and hedge funds own 80.22% of the company’s stock.

Cadence Bank Company Profile

(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.

Further Reading

Analyst Recommendations for Cadence Bank (NYSE:CADE)

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