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

Cadence Bank (NYSE:CADE) had its price objective raised by Royal Bank of Canada from $31.00 to $35.00 in a report released on Wednesday, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

A number of other research analysts also recently weighed in on CADE. Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a research report on Wednesday, April 24th. Truist Financial raised their target price on shares of Cadence Bank from $31.00 to $38.00 and gave the company a buy rating in a research report on Wednesday. Hovde Group lifted their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the company an outperform rating in a research report on Wednesday. Piper Sandler downgraded shares of Cadence Bank from an overweight rating to a neutral rating and lifted their price objective for the company from $33.00 to $34.00 in a research report on Wednesday. Finally, Jefferies Financial Group decreased their price objective 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. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $33.79.

Cadence Bank Stock Up 0.4 %

Cadence Bank stock opened at $33.51 on Wednesday. The company has a market cap of $6.11 billion, a P/E ratio of 10.71 and a beta of 0.98. Cadence Bank has a 1-year low of $19.67 and a 1-year high of $34.13. The company has a fifty day simple moving average of $28.96 and a 200 day simple moving average of $28.29. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.05.

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. The business had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same quarter last year, the firm earned $0.64 earnings per share. Research analysts anticipate that Cadence Bank will post 2.55 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

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

Institutional Trading of Cadence Bank

Several hedge funds and other institutional investors have recently modified their holdings of CADE. Norges Bank bought a new stake in shares of Cadence Bank during the 4th quarter worth about $60,490,000. Vanguard Group Inc. boosted its holdings 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 buying an additional 940,895 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Cadence Bank by 81.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after purchasing an additional 687,025 shares in the last quarter. Wellington Management Group LLP raised its stake in Cadence Bank by 7.3% in the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock worth $248,633,000 after purchasing an additional 574,633 shares in the last quarter. Finally, Ranger Investment Management L.P. raised its stake in Cadence Bank by 59.4% in the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after purchasing an additional 393,037 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.