Cadence Bank (NYSE:CADE) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Cadence Bank (NYSE:CADE) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, May 9th. Stephens restated an “overweight” rating and issued a $40.00 price target on shares of Cadence Bank in a research note on Tuesday, April 22nd. Morgan Stanley decreased their price target on Cadence Bank from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Royal Bank of Canada decreased their price target on Cadence Bank from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Finally, DA Davidson decreased their price target on Cadence Bank from $42.00 to $37.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.82.

Cadence Bank Trading Up 0.5%

Shares of CADE stock opened at $30.16 on Friday. The business’s 50 day moving average is $29.95 and its two-hundred day moving average is $32.23. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $40.20. The company has a market capitalization of $5.50 billion, a P/E ratio of 10.89 and a beta of 0.84.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, April 21st. The company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.07. Cadence Bank had a return on equity of 9.87% and a net margin of 18.03%. The company had revenue of $448.55 million for the quarter, compared to the consensus estimate of $451.61 million. During the same period last year, the business posted $0.62 EPS. As a group, equities analysts predict that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, June 13th. This represents a $1.10 annualized dividend and a yield of 3.65%. Cadence Bank’s dividend payout ratio is presently 38.60%.

Cadence Bank declared that its Board of Directors has initiated a stock repurchase program on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Cadence Bank

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Cadence Bank by 0.9% in the fourth 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 last quarter. Wellington Management Group LLP raised its holdings in shares of Cadence Bank by 7.8% in the first quarter. Wellington Management Group LLP now owns 13,481,585 shares of the company’s stock worth $409,301,000 after acquiring an additional 980,369 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Cadence Bank by 0.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,520,057 shares of the company’s stock worth $167,589,000 after acquiring an additional 32,362 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Cadence Bank by 5.7% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 3,619,544 shares of the company’s stock worth $109,889,000 after acquiring an additional 193,582 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Cadence Bank by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock worth $85,953,000 after acquiring an additional 244,146 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

About Cadence Bank

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.