Cadence Bank (NYSE:CADE) Upgraded to Overweight at Morgan Stanley

Cadence Bank (NYSE:CADE) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, Briefing.com reports. The brokerage presently has a $39.00 price target on the stock, up from their prior price target of $36.00. Morgan Stanley’s price objective points to a potential upside of 24.68% from the company’s previous close.

Several other equities analysts have also recently commented on CADE. Truist Financial dropped their target price on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Hovde Group raised their target price on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Stephens reiterated an “overweight” rating and issued a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group dropped their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus price target of $34.88.

Cadence Bank Trading Down 1.1 %

Shares of NYSE:CADE opened at $31.28 on Monday. The business’s 50 day simple moving average is $31.35 and its 200 day simple moving average is $29.40. Cadence Bank has a 1 year low of $19.67 and a 1 year high of $34.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $5.70 billion, a P/E ratio of 9.99 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08. The company had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same period in the prior year, the firm posted $0.64 EPS. On average, research analysts anticipate that Cadence Bank will post 2.55 EPS for the current fiscal year.

Institutional Trading of Cadence Bank

Several institutional investors have recently modified their holdings of CADE. GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the period. Rise Advisors LLC acquired a new position in shares of Cadence Bank in the 1st quarter worth approximately $34,000. Innealta Capital LLC bought a new stake in shares of Cadence Bank in the 2nd quarter valued at $138,000. Argent Advisors Inc. bought a new stake in shares of Cadence Bank in the 1st quarter valued at $204,000. Finally, Lavaca Capital LLC bought a new position in Cadence Bank during the first quarter worth $207,000. Institutional investors own 84.61% of the company’s stock.

About Cadence Bank

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.