Cadence Bank (NYSE:CADE) Receives “Sector Perform” Rating from Royal Bank of Canada

Cadence Bank (NYSE:CADE)‘s stock had its “sector perform” rating restated by investment analysts at Royal Bank of Canada in a report issued on Friday,Benzinga reports. They presently have a $38.00 price objective on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 7.25% from the company’s previous close.

Several other research firms have also commented on CADE. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. DA Davidson raised their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Stephens restated an “overweight” rating and issued a $42.00 price target on shares of Cadence Bank in a research note on Thursday. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, Truist Financial raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.14.

Cadence Bank Stock Performance

NYSE:CADE traded up $1.20 during mid-day trading on Friday, reaching $35.43. 870,398 shares of the company’s stock were exchanged, compared to its average volume of 1,291,271. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The firm has a market capitalization of $6.46 billion, a PE ratio of 12.79 and a beta of 1.00. The business’s fifty day simple moving average is $36.03 and its two-hundred day simple moving average is $33.47. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.98%. During the same quarter last year, the business earned $0.40 EPS. Analysts anticipate that Cadence Bank will post 2.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in shares of Cadence Bank in the 3rd quarter valued at $25,000. Brooklyn Investment Group bought a new stake in shares of Cadence Bank in the 4th quarter valued at $26,000. Point72 Hong Kong Ltd bought a new stake in shares of Cadence Bank in the 3rd quarter valued at $32,000. GAMMA Investing LLC increased its stake in shares of Cadence Bank by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after acquiring an additional 559 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its stake in shares of Cadence Bank by 23.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after acquiring an additional 926 shares in the last quarter. Institutional investors own 84.61% 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.