Cadence Bank (NYSE:CADE) Receives “Sector Perform” Rating from Royal Bank of Canada

Cadence Bank (NYSE:CADE)‘s stock had its “sector perform” rating reaffirmed by research analysts at Royal Bank of Canada in a report released on Friday,Benzinga reports. They currently have a $38.00 price target on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 7.25% from the company’s previous close.

CADE has been the topic of a number of other research reports. Stephens reaffirmed an “overweight” rating and issued a $42.00 price objective on shares of Cadence Bank in a report on Thursday. Truist Financial boosted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Finally, DA Davidson increased their price target on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.14.

Cadence Bank Stock Up 3.5 %

Cadence Bank stock traded up $1.20 during midday trading on Friday, reaching $35.43. The company’s stock had a trading volume of 870,398 shares, compared to its average volume of 1,291,271. Cadence Bank has a fifty-two week low of $24.99 and a fifty-two week high of $40.20. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $6.46 billion, a P/E ratio of 12.79 and a beta of 1.00. The business has a 50-day simple moving average of $36.03 and a 200-day simple moving average of $33.47.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a return on equity of 9.98% and a net margin of 18.03%. During the same period in the previous year, the firm earned $0.40 EPS. On average, research analysts expect that Cadence Bank will post 2.87 earnings per share for the current fiscal year.

Institutional Trading of Cadence Bank

A number of large investors have recently added to or reduced their stakes in CADE. Vanguard Personalized Indexing Management LLC lifted its stake in Cadence Bank by 27.4% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 16,483 shares of the company’s stock valued at $437,000 after acquiring an additional 3,545 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Cadence Bank in the second quarter valued at $492,000. Sei Investments Co. lifted its stake in Cadence Bank by 49.7% in the second quarter. Sei Investments Co. now owns 75,128 shares of the company’s stock valued at $2,125,000 after acquiring an additional 24,950 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of Cadence Bank in the second quarter valued at about $670,000. Finally, AQR Capital Management LLC raised its position in shares of Cadence Bank by 74.2% in the second quarter. AQR Capital Management LLC now owns 30,254 shares of the company’s stock valued at $856,000 after purchasing an additional 12,887 shares during the period. Institutional investors and hedge funds 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.