Royal Bank Of Canada Raises Cadence Bank (NYSE:CADE) Price Target to $37.00

Key Points

• The Royal Bank of Canada has raised its price target for Cadence Bank (NYSE:CADE) from $34.00 to $37.00, indicating a potential upside of 4.82% from its current price.
• Multiple research analysts have rated Cadence Bank positively, with an average consensus rating of "Moderate Buy" and a price target of $38.90.
• Cadence Bank recently reported earnings of $0.73 per share, exceeding estimates, and posted revenues of $476.32 million for the quarter.
• The company initiated a share repurchase program authorizing the buyback of 10,000,000 shares, suggesting confidence in the stock's valuation.

Cadence Bank (NYSE:CADE - Free Report) had its target price increased by Royal Bank Of Canada from $34.00 to $37.00 in a report released on Friday,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

Several other brokerages also recently issued reports on CADE. Barclays reissued an "overweight" rating and issued a $41.00 price target (up previously from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Wall Street Zen raised Cadence Bank from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Hovde Group raised their target price on Cadence Bank from $32.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. DA Davidson lowered their target price on Cadence Bank from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Finally, Stephens restated an "overweight" rating and issued a $40.00 target price on shares of Cadence Bank in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $38.90.

Cadence Bank Stock Performance

NYSE:CADE traded up $1.40 during trading hours on Friday, reaching $36.44. 2,885,756 shares of the stock were exchanged, compared to its average volume of 1,960,756. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. The firm has a 50 day simple moving average of $32.35 and a 200-day simple moving average of $31.85. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The stock has a market capitalization of $6.64 billion, a P/E ratio of 12.97 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. The company had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. During the same quarter last year, the business posted $0.73 EPS. As a group, sell-side analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.02%. Cadence Bank's dividend payout ratio (DPR) is presently 39.15%.

Cadence Bank announced that its board has initiated a share repurchase plan on Friday, April 25th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Institutional Trading of Cadence Bank

Institutional investors have recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Cadence Bank during the first quarter valued at $40,000. Abound Wealth Management boosted its position in Cadence Bank by 223.3% during the first quarter. Abound Wealth Management now owns 1,665 shares of the company's stock valued at $51,000 after purchasing an additional 1,150 shares during the last quarter. UMB Bank n.a. raised its holdings in Cadence Bank by 169.6% during the first quarter. UMB Bank n.a. now owns 1,774 shares of the company's stock valued at $54,000 after buying an additional 1,116 shares in the last quarter. State of Wyoming raised its holdings in Cadence Bank by 172.4% during the fourth quarter. State of Wyoming now owns 2,359 shares of the company's stock valued at $81,000 after buying an additional 1,493 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Cadence Bank by 55.3% during the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock valued at $88,000 after buying an additional 1,030 shares in the last quarter. Institutional investors and hedge funds 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.