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

Cadence Bank (NYSE:CADE)‘s stock had its “sector perform” rating restated by Royal Bank of Canada in a research note issued on Friday,Benzinga reports. They presently have a $38.00 price objective on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 8.16% from the stock’s previous close.

A number of other brokerages have also recently issued reports on CADE. Truist Financial lifted their target price on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson raised their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Stephens restated an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a report on Thursday. Three equities research 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. According to MarketBeat, Cadence Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.14.

Cadence Bank Stock Performance

NYSE:CADE opened at $35.13 on Friday. The company has a 50-day moving average of $35.98 and a 200-day moving average of $33.56. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 12.68 and a beta of 1.00. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. Cadence Bank has a twelve month low of $24.99 and a twelve month high of $40.20.

Cadence Bank (NYSE:CADE) last issued its earnings results on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates 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 in the previous year, the business earned $0.40 earnings per share. Analysts forecast that Cadence Bank will post 2.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cadence Bank

Institutional investors and hedge funds have recently modified their holdings of the stock. Journey Strategic Wealth LLC acquired a new position in shares of Cadence Bank during the 4th quarter worth $215,000. KBC Group NV boosted its holdings in Cadence Bank by 63.6% in the fourth quarter. KBC Group NV now owns 8,239 shares of the company’s stock worth $284,000 after purchasing an additional 3,203 shares in the last quarter. RFG Advisory LLC increased its position in Cadence Bank by 336.6% during the fourth quarter. RFG Advisory LLC now owns 38,930 shares of the company’s stock worth $1,341,000 after buying an additional 30,014 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in Cadence Bank by 4.5% during the fourth quarter. Sheets Smith Wealth Management now owns 16,694 shares of the company’s stock valued at $575,000 after buying an additional 719 shares in the last quarter. Finally, Capstone Wealth Management LLC bought a new position in Cadence Bank during the fourth quarter valued at about $669,000. 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.