Piper Sandler analyst Brad Milsaps downgraded Cadence BanCorp (NYSE: CADE) from Overweight to Neutral with a price target of $34.00 (from $33.00).

The analyst comments: "We are increasing our 2024E's to $2.60 (from $2.57), but lowering our 2025E's to $2.78 (from $2.88). There could be some upside to the NIM in 2H24 if NIBDs stabilize (mgmt guide to ~21% by YE vs. 20% prev). We are increasing our PT to $34, which is now ~12.25x our 2025E (up on higher industry multiples), but lowering to Neutral as YTD outperformance has played out as expected. CADE remains well-positioned overall, but it's hard for us to see incremental outperformance relative to the group at these multiples - when rate cuts should put some modest pressure on earnings power and M&A sounds unlikely in our view. We will look for another catalyst for outperformance or a pullback, but move to the sidelines as the benefits from the insurance sale have largely played out and the shares reach new highs."

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Shares of Cadence BanCorp closed at $33.58 yesterday.