Royal Bank of Canada Boosts Cadence Bank (NYSE:CADE) Price Target to $35.00

Cadence Bank (NYSE:CADE) had its target price increased by Royal Bank of Canada from $31.00 to $35.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a sector perform rating on the stock.

A number of other equities research analysts have also weighed in on CADE. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a research note on Wednesday, April 24th. Hovde Group upped their price target on Cadence Bank from $33.00 to $36.50 and gave the company an outperform rating in a research report on Wednesday. Truist Financial upped their price target on Cadence Bank from $31.00 to $38.00 and gave the company a buy rating in a research report on Wednesday. Stephens reaffirmed an overweight rating and set a $35.00 price target on shares of Cadence Bank in a research report on Tuesday. Finally, Jefferies Financial Group lowered their price target on Cadence Bank from $31.00 to $29.00 and set a hold rating for the company in a research report on Wednesday, July 3rd. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cadence Bank has an average rating of Moderate Buy and a consensus target price of $33.79.

Cadence Bank Trading Up 0.5 %

NYSE CADE opened at $33.53 on Wednesday. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.05. The stock has a 50-day moving average of $28.96 and a 200-day moving average of $28.29. The firm has a market cap of $6.11 billion, a PE ratio of 10.71 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last released its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same quarter in the previous year, the company posted $0.64 EPS. As a group, sell-side analysts forecast that Cadence Bank will post 2.51 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.98%. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CADE. GAMMA Investing LLC grew its stake in shares of Cadence Bank by 77.0% in the 2nd quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after buying an additional 436 shares during the last quarter. Wolverine Asset Management LLC grew its stake in shares of Cadence Bank by 952.0% in the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after buying an additional 952 shares during the last quarter. Rise Advisors LLC purchased a new stake in shares of Cadence Bank in the 1st quarter worth approximately $34,000. Argent Advisors Inc. purchased a new stake in shares of Cadence Bank in the 1st quarter worth approximately $204,000. Finally, Moody Lynn & Lieberson LLC purchased a new stake in shares of Cadence Bank in the 4th quarter worth approximately $205,000. Hedge funds and other 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.