58,908 Shares in Cadence Bank $CADE Purchased by SouthState Bank Corp

SouthState Bank Corp acquired a new position in shares of Cadence Bank (NYSE:CADE) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 58,908 shares of the company’s stock, valued at approximately $2,211,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Channing Capital Management LLC bought a new stake in shares of Cadence Bank in the 2nd quarter worth approximately $75,681,000. Norges Bank bought a new stake in shares of Cadence Bank in the 2nd quarter worth approximately $71,235,000. New York State Common Retirement Fund boosted its holdings in Cadence Bank by 982.9% during the 2nd quarter. New York State Common Retirement Fund now owns 610,459 shares of the company’s stock valued at $19,522,000 after acquiring an additional 554,087 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of Cadence Bank in the second quarter worth approximately $16,698,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Cadence Bank by 50.6% during the second quarter. JPMorgan Chase & Co. now owns 856,262 shares of the company’s stock valued at $27,383,000 after acquiring an additional 287,637 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Performance

Shares of CADE opened at $42.14 on Friday. The business has a 50-day simple moving average of $43.24 and a two-hundred day simple moving average of $39.22. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $46.74. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. The business had revenue of $528.41 million during the quarter, compared to analyst estimates of $525.15 million. During the same period in the prior year, the business posted $0.70 earnings per share. On average, analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be given a dividend of $0.3438 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Friday, January 30th. Cadence Bank’s dividend payout ratio (DPR) is 39.01%.

Analysts Set New Price Targets

A number of analysts recently commented on CADE shares. Royal Bank Of Canada raised Cadence Bank from a “hold” rating to a “moderate buy” rating in a research note on Monday, October 27th. Morgan Stanley downgraded shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Stephens lowered Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Keefe, Bruyette & Woods lowered shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and boosted their price objective for the stock from $41.00 to $49.00 in a report on Monday, November 3rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Hold” and a consensus target price of $42.88.

Cadence Bank Company Profile

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.