Cadence Bank (NYSE:CADE) Price Target Raised to $36.00

Cadence Bank (NYSE:CADE) had its price objective hoisted by Royal Bank of Canada from $35.00 to $36.00 in a report issued on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

Several other analysts have also recently commented on CADE. Hovde Group boosted their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Barclays increased their price target on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday. Stephens reaffirmed an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. DA Davidson increased their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Jefferies Financial Group cut their target price on shares of Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a report on Wednesday, July 3rd. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Stock Performance

NYSE:CADE opened at $33.09 on Wednesday. The stock has a 50-day moving average price of $31.83 and a 200 day moving average price of $29.97. The stock has a market capitalization of $6.03 billion, a P/E ratio of 10.57 and a beta of 0.96. Cadence Bank has a 12-month low of $20.52 and a 12-month high of $34.25. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same period last year, the firm posted $0.56 EPS. The company’s revenue was up 11.0% on a year-over-year basis. Equities research analysts forecast that Cadence Bank will post 2.57 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.02%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Institutional Trading of Cadence Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank during the third quarter valued at approximately $25,000. GAMMA Investing LLC lifted its stake in shares of Cadence Bank by 77.0% during 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 last quarter. Innealta Capital LLC purchased a new position in Cadence Bank during the 2nd quarter valued at $138,000. Davis Investment Partners LLC bought a new position in Cadence Bank in the 3rd quarter valued at $202,000. Finally, Argent Advisors Inc. purchased a new stake in Cadence Bank in the first quarter worth $204,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

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.