Hovde Group Lowers Cadence Bank (NYSE:CADE) Price Target to $35.00

Cadence Bank (NYSE:CADE) had its price objective lowered by research analysts at Hovde Group from $40.00 to $35.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the stock. Hovde Group’s price objective suggests a potential upside of 15.86% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Stephens reiterated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a report on Thursday, January 23rd. Citigroup upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.64.

Cadence Bank Stock Performance

CADE stock opened at $30.21 on Wednesday. The business has a 50-day simple moving average of $32.71 and a two-hundred day simple moving average of $34.03. The company has a market capitalization of $5.50 billion, a P/E ratio of 10.87 and a beta of 0.96. Cadence Bank has a 52-week low of $26.16 and a 52-week high of $40.20.

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

Hedge Funds Weigh In On Cadence Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CADE. Vanguard Group Inc. boosted its position in shares of Cadence Bank by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 20,488,277 shares of the company’s stock valued at $705,821,000 after acquiring an additional 191,717 shares during the last quarter. State Street Corp raised its position in shares of Cadence Bank by 1.9% during the 3rd quarter. State Street Corp now owns 8,872,085 shares of the company’s stock valued at $284,759,000 after buying an additional 165,282 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cadence Bank by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock worth $138,974,000 after acquiring an additional 39,679 shares during the last quarter. Northern Trust Corp lifted its holdings 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 worth $92,475,000 after acquiring an additional 350,660 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in Cadence Bank by 21.2% in the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock valued at $90,753,000 after acquiring an additional 460,486 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.