Stephens Reiterates “Overweight” Rating for Cadence Bank (NYSE:CADE)

Cadence Bank (NYSE:CADE)‘s stock had its “overweight” rating restated by analysts at Stephens in a report released on Tuesday, Benzinga reports. They currently have a $33.00 price objective on the stock. Stephens’ price target suggests a potential upside of 12.36% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. TheStreet cut Cadence Bank from a “b” rating to a “c” rating in a research note on Tuesday, January 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $31.00 target price on shares of Cadence Bank in a research note on Tuesday, April 9th. Hovde Group cut Cadence Bank from an “outperform” rating to a “market perform” rating and set a $32.50 target price on the stock. in a research note on Tuesday, January 30th. Jefferies Financial Group cut their target price on Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research note on Monday, April 8th. Finally, Morgan Stanley increased their target price on Cadence Bank from $24.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cadence Bank currently has an average rating of “Moderate Buy” and an average price target of $31.09.

Cadence Bank Price Performance

Shares of CADE stock opened at $29.37 on Tuesday. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 9.38 and a beta of 1.02. The business’s fifty day moving average is $27.68 and its 200 day moving average is $26.53. Cadence Bank has a twelve month low of $16.95 and a twelve month high of $31.45. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Tuesday, April 23rd. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $437.69 million for the quarter, compared to analysts’ expectations of $427.18 million. Cadence Bank had a return on equity of 9.22% and a net margin of 23.83%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.68 earnings per share. Research analysts expect that Cadence Bank will post 2.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CADE. Norges Bank bought a new position in Cadence Bank in the fourth quarter valued at about $60,490,000. Wellington Management Group LLP lifted its holdings in 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. Vaughan Nelson Investment Management L.P. lifted its holdings in Cadence Bank by 81.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock valued at $45,344,000 after acquiring an additional 687,025 shares during the period. Ranger Investment Management L.P. lifted its holdings in Cadence Bank by 59.4% in the fourth quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock valued at $31,205,000 after acquiring an additional 393,037 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in 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. 84.61% of the stock is owned by institutional investors.

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.