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

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

A number of other equities research analysts have also issued reports on CADE. Piper Sandler lowered shares of Cadence Bank from an overweight rating to a neutral rating and lifted their target price for the company from $33.00 to $34.00 in a research note on Wednesday. Truist Financial lifted their price objective on shares of Cadence Bank from $31.00 to $38.00 and gave the company a buy rating in a research note on Wednesday. Barclays lifted their price objective on shares of Cadence Bank from $29.00 to $30.00 and gave the company an equal weight rating in a research note on Monday, June 24th. Jefferies Financial Group reduced 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 note on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the company an outperform rating in a research note on Wednesday, April 24th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cadence Bank has an average rating of Moderate Buy and an average target price of $33.79.

Cadence Bank Trading Up 0.4 %

Shares of NYSE:CADE opened at $33.51 on Wednesday. The firm has a fifty day moving average of $28.96 and a two-hundred day moving average of $28.29. The firm has a market capitalization of $6.11 billion, a P/E ratio of 10.71 and a beta of 0.98. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The company had revenue of $742.87 million during the quarter, compared to analyst estimates 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 business posted $0.64 EPS. On average, equities analysts expect that Cadence Bank will post 2.55 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company 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 $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 2.98%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in 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 acquiring an additional 436 shares during the period. Wolverine Asset Management LLC increased its holdings in shares of Cadence Bank by 952.0% during the 4th quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock worth $31,000 after purchasing an additional 952 shares during the period. Rise Advisors LLC bought a new position in shares of Cadence Bank during the 1st quarter worth about $34,000. Argent Advisors Inc. bought a new position in shares of Cadence Bank during the 1st quarter worth about $204,000. Finally, Moody Lynn & Lieberson LLC bought a new position in shares of Cadence Bank during the 4th quarter worth about $205,000. 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.