DA Davidson has adjusted its target price on Cadence Bank (CADE, Financial), lowering it to $37 from the previous $42, but maintains a Buy recommendation on the shares. This revision comes despite Cadence's first-quarter financial results surpassing expectations. The firm's performance was bolstered by a lower-than-anticipated loan loss provision and reduced noninterest expenses.
Cadence Bank continues to strategically allocate its capital, prioritizing organic growth and strategic mergers and acquisitions over share repurchases. This capital strategy is aimed at enhancing the bank's long-term growth prospects, according to DA Davidson's analysis.
