Cadence Bank (NYSE:CADE) PT Raised to $36.00

Cadence Bank (NYSE:CADE - Get Free Report) had its target price hoisted by equities researchers at Royal Bank of Canada from $35.00 to $36.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank of Canada's price target would suggest a potential upside of 6.45% from the stock's current price.

CADE has been the subject of a number of other research reports. DA Davidson upped their price objective on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday. Piper Sandler cut shares of Cadence Bank from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $33.00 to $34.00 in a report on Wednesday, July 24th. Hovde Group increased their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an "outperform" rating in a research note on Wednesday, July 24th. Barclays lifted 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. Finally, Truist Financial increased their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cadence Bank has a consensus rating of "Moderate Buy" and a consensus price target of $35.29.

Cadence Bank Stock Performance

NYSE:CADE traded down $0.18 during mid-day trading on Wednesday, reaching $33.82. 1,265,297 shares of the stock were exchanged, compared to its average volume of 1,328,843. The stock has a market capitalization of $6.16 billion, a P/E ratio of 10.71 and a beta of 0.96. Cadence Bank has a 1 year low of $19.94 and a 1 year high of $34.25. The company has a 50 day simple moving average of $31.62 and a 200-day simple moving average of $29.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Cadence Bank by 4.9% during the first quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company's stock worth $587,867,000 after buying an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company's stock worth $277,874,000 after acquiring an additional 593,878 shares during the period. Bank of New York Mellon Corp raised its holdings in Cadence Bank by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company's stock valued at $59,071,000 after acquiring an additional 36,323 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Cadence Bank by 1.8% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,791,633 shares of the company's stock worth $50,667,000 after purchasing an additional 31,815 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Cadence Bank by 5.4% during the 1st quarter. Principal Financial Group Inc. now owns 826,476 shares of the company's stock worth $23,968,000 after purchasing an additional 42,267 shares during the period. 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.