Gilliland Jeter Wealth Management LLC Takes Position in Cadence Bank (NYSE:CADE)

Gilliland Jeter Wealth Management LLC purchased a new stake in Cadence Bank (NYSE:CADE) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 33,306 shares of the company’s stock, valued at approximately $986,000.

A number of other institutional investors also recently modified their holdings of the company. Wolverine Asset Management LLC lifted its holdings in shares of Cadence Bank by 952.0% in the fourth quarter. Wolverine Asset Management LLC now owns 1,052 shares of the company’s stock valued at $31,000 after purchasing an additional 952 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Cadence Bank by 49.4% in the fourth quarter. New York State Common Retirement Fund now owns 112,255 shares of the company’s stock valued at $3,322,000 after purchasing an additional 37,129 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Cadence Bank by 10.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,023 shares of the company’s stock valued at $1,243,000 after acquiring an additional 4,057 shares during the last quarter. Strs Ohio increased its position in shares of Cadence Bank by 26.8% in the fourth quarter. Strs Ohio now owns 19,900 shares of the company’s stock valued at $588,000 after acquiring an additional 4,200 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of Cadence Bank in the fourth quarter valued at about $1,518,000. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CADE. Barclays lifted their target price on Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday. Raymond James lowered their target price on Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 31st. Jefferies Financial Group lowered their target price on Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Truist Financial lifted their target price on Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, Hovde Group raised Cadence Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $32.50 to $33.00 in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Stock Performance

Shares of NYSE:CADE traded down $0.04 during trading on Friday, reaching $29.02. 1,038,673 shares of the stock were exchanged, compared to its average volume of 1,156,503. Cadence Bank has a 12 month low of $16.95 and a 12 month high of $31.45. The firm has a market cap of $5.30 billion, a PE ratio of 9.27 and a beta of 1.02. The stock has a 50-day moving average price of $27.74 and a 200-day moving average price of $26.64. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.09.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. Cadence Bank had a return on equity of 8.97% and a net margin of 23.83%. The company had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. The business’s revenue was up 12.6% on a year-over-year basis. Research analysts expect that Cadence Bank will post 2.48 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Friday, June 14th. Cadence Bank’s dividend payout ratio is presently 31.95%.

Cadence Bank 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.