Shares of Cadence Bank (NYSE:CADE – Get Free Report) have received an average rating of “Moderate Buy” from the nine research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $25.45.
A number of research analysts have recently weighed in on the company. Truist Financial lowered their price objective on Cadence Bank from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, September 27th. Royal Bank of Canada lowered their price objective on Cadence Bank from $26.00 to $24.00 in a research report on Tuesday, October 10th. Morgan Stanley lifted their price objective on Cadence Bank from $22.00 to $24.00 and gave the company an “equal weight” rating in a research report on Thursday, October 26th. Stephens boosted their price target on Cadence Bank from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, October 25th. Finally, TheStreet raised Cadence Bank from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th.
Read Our Latest Analysis on Cadence Bank
Cadence Bank Trading Up 6.1 %
Cadence Bank Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Thursday, December 14th. Cadence Bank’s dividend payout ratio is currently 46.53%.
Hedge Funds Weigh In On Cadence Bank
Several large investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co NY increased its position in shares of Cadence Bank by 3.5% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 11,141 shares of the company’s stock valued at $275,000 after purchasing an additional 373 shares during the last quarter. Creative Planning increased its position in shares of Cadence Bank by 3.0% during the 4th quarter. Creative Planning now owns 13,051 shares of the company’s stock valued at $322,000 after purchasing an additional 386 shares during the last quarter. Wealthcare Advisory Partners LLC increased its position in shares of Cadence Bank by 2.3% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 22,618 shares of the company’s stock valued at $444,000 after purchasing an additional 499 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Cadence Bank by 8.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,697 shares of the company’s stock valued at $142,000 after purchasing an additional 524 shares during the last quarter. Finally, Sheets Smith Wealth Management increased its position in shares of Cadence Bank by 3.8% during the 3rd quarter. Sheets Smith Wealth Management now owns 16,256 shares of the company’s stock valued at $345,000 after purchasing an additional 589 shares during the last quarter. Institutional investors own 80.22% of the company’s stock.
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.
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