Cadence Bank (NYSE:CADE) Upgraded to Overweight at Barclays

by · The Markets Daily

Cadence Bank (NYSE:CADE – Get Free Report) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report issued on Thursday, Marketbeat.com reports. The brokerage currently has a $44.00 price objective on the stock, up from their previous price objective of $41.00. Barclays‘s target price points to a potential upside of 29.11% from the stock’s current price.

CADE has been the subject of a number of other reports. Truist Financial increased their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. DA Davidson raised their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $36.00 to $39.00 in a report on Monday, September 30th. Royal Bank of Canada increased their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods lifted their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cadence Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.88.

Get Our Latest Report on Cadence Bank

Cadence Bank Trading Up 0.9 %

Shares of Cadence Bank stock opened at $34.08 on Thursday. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market capitalization of $6.21 billion, a P/E ratio of 9.79 and a beta of 0.98. The company has a fifty day moving average of $36.00 and a 200 day moving average of $32.26.

Cadence Bank (NYSE:CADE – Get Free Report) last released its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same quarter in the prior year, the company posted $0.56 earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cadence Bank

Several institutional investors have recently modified their holdings of CADE. V Square Quantitative Management LLC bought a new position in shares of Cadence Bank during the 3rd quarter valued at approximately $25,000. Point72 Hong Kong Ltd purchased a new position in Cadence Bank during the third quarter worth $32,000. GAMMA Investing LLC boosted its stake in Cadence Bank by 55.8% during the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after buying an additional 559 shares during the period. Innealta Capital LLC bought a new position in Cadence Bank during the second quarter valued at $138,000. Finally, TD Private Client Wealth LLC raised its stake in shares of Cadence Bank by 23.0% in the third quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after acquiring an additional 926 shares during the period. 84.61% of the stock is owned by institutional investors.

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.

See Also