Truist Financial Raises Cadence Bank (NYSE:CADE) Price Target to $38.00

Cadence Bank (NYSE:CADE) had its target price hoisted by Truist Financial from $31.00 to $38.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on the company. Hovde Group upped their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an outperform rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $32.00 to $33.00 and gave the stock an outperform rating in a research report on Wednesday, April 24th. Piper Sandler lowered Cadence Bank from an overweight rating to a neutral rating and upped their target price for the stock from $33.00 to $34.00 in a research report on Wednesday. Barclays upped their target price on Cadence Bank from $29.00 to $30.00 and gave the stock an equal weight rating in a research report on Monday, June 24th. Finally, Jefferies Financial Group lowered their target price on Cadence Bank from $31.00 to $29.00 and set a hold rating on the stock in a research report on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $33.79.

Cadence Bank Price Performance

Cadence Bank stock opened at $33.53 on Wednesday. The stock has a market capitalization of $6.11 billion, a price-to-earnings ratio of 10.71 and a beta of 0.98. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13. The stock’s 50 day moving average price is $28.96 and its two-hundred day moving average price is $28.29. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.85 and a current ratio of 0.86.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. The firm had revenue of $742.87 million for the quarter, compared to analysts’ expectations 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 business earned $0.64 EPS. On average, equities analysts predict that Cadence Bank will post 2.51 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.98%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in Cadence Bank by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after purchasing an additional 36,323 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in shares of Cadence Bank by 1.8% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company’s stock worth $50,667,000 after acquiring an additional 31,815 shares during the period. Raymond James & Associates grew its stake in shares of Cadence Bank by 0.7% during the 2nd quarter. Raymond James & Associates now owns 256,623 shares of the company’s stock worth $7,257,000 after acquiring an additional 1,833 shares during the period. Blue Trust Inc. grew its stake in shares of Cadence Bank by 456.6% during the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock worth $628,000 after acquiring an additional 17,774 shares during the period. Finally, AlphaMark Advisors LLC grew its stake in shares of Cadence Bank by 5.6% during the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after acquiring an additional 579 shares during the period. Institutional investors own 84.61% of the company’s stock.

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.