Cadence Bank (NYSE:CADE) Stock Rating Upgraded by Hovde Group

Cadence Bank (NYSE:CADE) was upgraded by research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday, Marketbeat reports. The brokerage currently has a $33.00 price target on the stock, up from their prior price target of $32.50. Hovde Group’s price objective would indicate a potential upside of 13.56% from the stock’s current price.

CADE has been the topic of a number of other reports. TheStreet lowered Cadence Bank from a “b” rating to a “c” rating in a research report on Tuesday, January 30th. Truist Financial upped their target price on Cadence Bank from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Jefferies Financial Group lowered their price target on Cadence Bank from $30.00 to $29.00 and set a “hold” rating for the company in a research report on Monday, April 8th. Royal Bank of Canada restated a “sector perform” rating and set a $31.00 price objective on shares of Cadence Bank in a research note on Tuesday, April 9th. Finally, Stephens reiterated an “overweight” rating and issued a $33.00 target price on shares of Cadence Bank in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.09.

Cadence Bank Price Performance

Cadence Bank stock opened at $29.06 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.85 and a current ratio of 0.85. Cadence Bank has a 52-week low of $16.95 and a 52-week high of $31.45. The stock’s 50 day moving average price is $27.71 and its two-hundred day moving average price is $26.55. The stock has a market capitalization of $5.31 billion, a price-to-earnings ratio of 9.28 and a beta of 1.02.

Cadence Bank (NYSE:CADE) last issued its earnings results on Tuesday, April 23rd. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The company had revenue of $437.69 million for the quarter, compared to analyst estimates of $427.18 million. During the same period in the prior year, the firm earned $0.68 earnings per share. Cadence Bank’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, equities analysts predict that Cadence Bank will post 2.39 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in Cadence Bank by 165.8% in the third quarter. Fifth Third Bancorp now owns 1,451 shares of the company’s stock valued at $31,000 after acquiring an additional 905 shares during the last quarter. Wolverine Asset Management LLC boosted its stake in Cadence Bank by 952.0% in the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after acquiring an additional 952 shares during the last quarter. Rise Advisors LLC purchased a new position in Cadence Bank in the first quarter valued at about $34,000. Allspring Global Investments Holdings LLC boosted its stake in Cadence Bank by 8.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after acquiring an additional 524 shares during the last quarter. Finally, Hardy Reed LLC purchased a new position in Cadence Bank in the third quarter valued at about $203,000. 84.61% of the stock is currently owned by hedge funds and other 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.