Cadence Bank (NYSE:CADE) Given New $38.00 Price Target at Citigroup

Cadence Bank (NYSE:CADE) had its price target boosted by Citigroup from $37.00 to $38.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

CADE has been the topic of a number of other reports. 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. Stephens reaffirmed an “overweight” rating and issued a $42.00 price target on shares of Cadence Bank in a research report on Thursday, January 23rd. Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 price objective on shares of Cadence Bank in a report on Friday. Keefe, Bruyette & Woods raised their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Truist Financial upped their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and a consensus target price of $38.13.

Cadence Bank Stock Up 1.0 %

CADE stock opened at $35.52 on Monday. The stock’s 50 day simple moving average is $35.94 and its 200 day simple moving average is $33.63. The company has a market cap of $6.47 billion, a P/E ratio of 12.82 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.98% and a net margin of 18.03%. During the same quarter last year, the business earned $0.40 EPS. On average, research analysts expect that Cadence Bank will post 2.87 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.10%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 14th. Cadence Bank’s payout ratio is presently 36.10%.

Hedge Funds Weigh In On Cadence Bank

Several institutional investors have recently added to or reduced their stakes in CADE. Brooklyn Investment Group purchased a new position in Cadence Bank in the fourth quarter valued at about $26,000. V Square Quantitative Management LLC bought a new stake in shares of Cadence Bank in the 3rd quarter worth approximately $25,000. Mather Group LLC. raised its holdings in shares of Cadence Bank by 716.2% in the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock worth $28,000 after purchasing an additional 709 shares during the period. Point72 Hong Kong Ltd bought a new position in Cadence Bank during the third quarter valued at $32,000. Finally, GAMMA Investing LLC grew its holdings in Cadence Bank by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after purchasing an additional 559 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.