Morgan Stanley Cuts Cadence Bank (NYSE:CADE) Price Target to $42.00

Cadence Bank (NYSE:CADE) had its price objective dropped by equities research analysts at Morgan Stanley from $46.00 to $42.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 40.70% from the stock’s previous close.

Several other research firms have also commented on CADE. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $41.00 to $44.00 in a research report on Thursday, December 19th. Royal Bank of Canada restated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Stephens restated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods upped their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Citigroup upped their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, January 27th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.77.

Cadence Bank Price Performance

CADE stock opened at $29.85 on Thursday. Cadence Bank has a 1-year low of $26.16 and a 1-year high of $40.20. The firm has a fifty day moving average price of $33.78 and a two-hundred day moving average price of $34.07. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of 10.78 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last released its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter last year, the business earned $0.40 earnings per share. As a group, analysts expect that Cadence Bank will post 2.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Cadence Bank

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC lifted its holdings in Cadence Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after acquiring an additional 39,679 shares during the last quarter. Cerity Partners LLC lifted its holdings in Cadence Bank by 31.2% in the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock valued at $2,050,000 after acquiring an additional 15,312 shares during the last quarter. Stifel Financial Corp lifted its holdings in Cadence Bank by 18.1% in the 3rd quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock valued at $670,000 after acquiring an additional 3,218 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after acquiring an additional 291,885 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in Cadence Bank in the 3rd quarter valued at about $947,000. 84.61% of the stock is owned by institutional investors and hedge funds.

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.