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

Cadence Bank (NYSE:CADE) had its target price lifted by equities research analysts at Royal Bank of Canada from $35.00 to $36.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 6.19% from the stock’s previous close.

Several other equities analysts have also weighed in on CADE. Stephens restated an “overweight” rating and issued a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Barclays increased their target price on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Finally, Jefferies Financial Group reduced their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cadence Bank presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

Cadence Bank Price Performance

Shares of NYSE CADE opened at $33.90 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 10.83 and a beta of 0.96. The firm’s 50 day simple moving average is $31.78 and its 200-day simple moving average is $29.94. Cadence Bank has a 12 month low of $19.94 and a 12 month high of $34.25.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. The company had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The firm’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business earned $0.56 earnings per share. Analysts expect that Cadence Bank will post 2.57 EPS for the current year.

Institutional Investors Weigh In On Cadence Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in shares of Cadence Bank by 77.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the period. AlphaMark Advisors LLC raised its holdings in shares of Cadence Bank by 5.6% in the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock valued at $307,000 after buying an additional 579 shares during the period. Retirement Systems of Alabama raised its holdings in shares of Cadence Bank by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after buying an additional 602 shares during the period. Russell Investments Group Ltd. lifted its stake in Cadence Bank by 0.3% during the 1st quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock worth $6,681,000 after acquiring an additional 689 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in Cadence Bank during the 3rd quarter valued at about $25,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Cadence Bank Company Profile

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.