Cadence Bank (NYSE:CADE) Hits New 12-Month High – Still a Buy?

Cadence Bank (NYSE:CADE) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $39.96 and last traded at $39.67, with a volume of 58547 shares changing hands. The stock had previously closed at $38.88.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CADE shares. Royal Bank of Canada raised their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Barclays raised their target price on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson raised their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Truist Financial boosted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Price Performance

The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market cap of $7.04 billion, a PE ratio of 11.10 and a beta of 0.95. The business has a fifty day moving average of $33.99 and a 200-day moving average of $31.26.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The company had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter in the previous year, the company earned $0.56 earnings per share. Cadence Bank’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, research analysts predict that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.59%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC grew its holdings in shares of Cadence Bank by 125.0% during the first quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock worth $236,000 after purchasing an additional 4,545 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Cadence Bank in the 1st quarter worth $209,000. GAMMA Investing LLC increased its holdings in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after buying an additional 436 shares during the last quarter. Chickasaw Capital Management LLC purchased a new stake in shares of Cadence Bank during the 2nd quarter valued at $369,000. Finally, Diversified Trust Co lifted its holdings in shares of Cadence Bank by 6.9% during the 2nd quarter. Diversified Trust Co now owns 41,792 shares of the company’s stock worth $1,182,000 after acquiring an additional 2,692 shares during the last quarter. 84.61% of the stock is currently 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.