Cadence Bank (NYSE:CADE) Hits New 52-Week Low – Should You Sell?

by · The Cerbat Gem

Cadence Bank (NYSE:CADE – Get Free Report) hit a new 52-week low on Friday . The stock traded as low as $25.71 and last traded at $25.68, with a volume of 120683 shares. The stock had previously closed at $27.57.

Analysts Set New Price Targets

A number of brokerages have commented on CADE. Citigroup upped their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Stephens reaffirmed an “overweight” rating and issued a $42.00 price target on shares of Cadence Bank in a report on Thursday, January 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research report on Friday, January 24th. Morgan Stanley dropped their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Hovde Group reduced their target price on Cadence Bank from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and an average price target of $38.64.

View Our Latest Analysis on CADE

Cadence Bank Stock Down 4.1 %

The firm has a market cap of $4.82 billion, a price-to-earnings ratio of 9.54 and a beta of 0.87. The business has a 50 day moving average price of $32.47 and a 200-day moving average price of $33.96.

Cadence Bank (NYSE:CADE – Get Free Report) last posted its earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates 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 in the previous year, the company earned $0.40 EPS. Research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.275 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 4.16%. Cadence Bank’s dividend payout ratio is currently 39.71%.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Cadence Bank by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company’s stock worth $705,821,000 after acquiring an additional 191,717 shares during the period. State Street Corp lifted its stake in Cadence Bank by 1.9% during the third quarter. State Street Corp now owns 8,872,085 shares of the company’s stock valued at $284,759,000 after purchasing an additional 165,282 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cadence Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after buying an additional 39,679 shares in the last quarter. Northern Trust Corp lifted its position in shares of Cadence Bank by 15.0% during the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company’s stock valued at $92,475,000 after acquiring an additional 350,660 shares during the last quarter. Finally, First Trust Advisors LP raised its position in shares of Cadence Bank by 21.2% during the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock worth $90,753,000 after purchasing an additional 460,486 shares during the period. 84.61% of the stock is owned by institutional investors and hedge funds.

About Cadence Bank

(Get Free Report)

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.

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