Huntington’s purchase of Cadence additive to SE footprint, says RBC Capital

Huntington Bancshares (HBAN) on Monday announced the acquisition of Cadence (CADE) in an all-stock deal valued at $7.4B, RBC Capital tells investors in a research note. The acquisition fits “nicely” into Huntington’s strategy amid its expansion in Texas and the Southeast, the analyst says. The firm maintains an Outperform rating and $19 price target on Huntington shares.