Royal Bank of Canada Reiterates “Sector Perform” Rating for Cadence Bank (NYSE:CADE)

Royal Bank of Canada reissued their sector perform rating on shares of Cadence Bank (NYSE:CADE) in a research report released on Friday morning,Benzinga reports. The firm currently has a $38.00 target price on the stock.

CADE has been the subject of a number of other research reports. DA Davidson increased their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Stephens reissued an “overweight” rating and issued a $42.00 price target on shares of Cadence Bank in a report on Thursday. Truist Financial upped their price objective 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. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.14.

Cadence Bank Stock Up 2.6 %

Shares of NYSE CADE opened at $35.13 on Friday. The stock has a market capitalization of $6.40 billion, a P/E ratio of 12.68 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The firm’s 50 day simple moving average is $35.98 and its two-hundred day simple moving average is $33.52.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate 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 earnings per share. As a group, analysts expect that Cadence Bank will post 2.87 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Friday, March 14th. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is 36.10%.

Hedge Funds Weigh In On Cadence Bank

Several large investors have recently made changes to their positions in the business. Brooklyn Investment Group purchased a new position in Cadence Bank during the fourth quarter valued at $26,000. V Square Quantitative Management LLC purchased a new stake in Cadence Bank during the 3rd quarter valued at about $25,000. Point72 Hong Kong Ltd bought a new stake in Cadence Bank during the 3rd quarter valued at about $32,000. GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 55.8% in the third quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock worth $50,000 after buying an additional 559 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its holdings in shares of Cadence Bank by 23.0% during the third quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after buying an additional 926 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

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.