Cadence Bank (NYSE:CADE) Price Target Raised to $36.00 at Royal Bank of Canada

Cadence Bank (NYSE:CADE) had its target price upped by equities research analysts at Royal Bank of Canada from $35.00 to $36.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 7.14% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Hovde Group boosted their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Truist Financial lifted their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays increased their target price on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday. Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price target for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Finally, Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cadence Bank has an average rating of “Moderate Buy” and a consensus target price of $35.29.

Cadence Bank Price Performance

Shares of NYSE:CADE traded down $0.40 during midday trading on Wednesday, reaching $33.60. 616,278 shares of the company were exchanged, compared to its average volume of 1,325,677. The stock has a market cap of $6.12 billion, a PE ratio of 10.71 and a beta of 0.96. The business’s fifty day moving average is $31.62 and its two-hundred day moving average is $29.88. Cadence Bank has a one year low of $19.94 and a one year high of $34.22. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The company had revenue of $447.36 million for the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter in the previous year, the business posted $0.56 earnings per share. Cadence Bank’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, analysts predict that Cadence Bank will post 2.57 earnings per share for the current year.

Institutional Trading of Cadence Bank

A number of hedge funds have recently added to or reduced their stakes in CADE. Vanguard Group Inc. raised its stake in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after acquiring an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Cadence Bank by 14.8% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock worth $51,034,000 after purchasing an additional 227,395 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Cadence Bank during the 3rd quarter valued at $5,511,000. Finally, Moody Aldrich Partners LLC boosted its position in shares of Cadence Bank by 28.6% in the 3rd quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock worth $9,394,000 after purchasing an additional 65,595 shares in the last quarter. 84.61% of the stock is 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.