Cadence Bank (NYSE:CADE) Given New $36.00 Price Target at Royal Bank of Canada

Cadence Bank (NYSE:CADE) had its target price increased by Royal Bank of Canada from $35.00 to $36.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has a sector perform rating on the stock.

CADE has been the topic of a number of other reports. 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. Truist Financial lifted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays increased their price objective on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Wednesday. Jefferies Financial Group lowered their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research note on Wednesday, July 3rd. Finally, Hovde Group increased their price target on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Trading Down 0.5 %

Shares of Cadence Bank stock opened at $33.82 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. The stock has a fifty day simple moving average of $31.71 and a 200 day simple moving average of $29.91. Cadence Bank has a 12-month low of $19.94 and a 12-month high of $34.25. The company has a market capitalization of $6.16 billion, a P/E ratio of 10.81 and a beta of 0.96.

Cadence Bank (NYSE:CADE) last announced its 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. 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 during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the prior year, the company posted $0.56 earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts anticipate that Cadence Bank will post 2.57 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Moody Lynn & Lieberson LLC bought a new position in Cadence Bank in the 3rd quarter valued at $220,000. Moody Aldrich Partners LLC boosted its stake in Cadence Bank by 28.6% during the third quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock valued at $9,394,000 after buying an additional 65,595 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Cadence Bank during the third quarter worth about $5,511,000. Vest Financial LLC increased its stake in Cadence Bank by 15.9% in the 3rd quarter. Vest Financial LLC now owns 46,681 shares of the company’s stock worth $1,487,000 after acquiring an additional 6,419 shares during the last quarter. Finally, Net Worth Advisory Group purchased a new stake in shares of Cadence Bank in the 3rd quarter valued at about $291,000. Institutional investors own 84.61% of the company’s stock.

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.