Cadence Bank $CADE Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. lifted its position in Cadence Bank (NYSE:CADE) by 0.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,278,377 shares of the company’s stock after purchasing an additional 25,177 shares during the quarter. Vanguard Group Inc. owned about 11.13% of Cadence Bank worth $761,250,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Federated Hermes Inc. raised its position in shares of Cadence Bank by 41.4% during the 3rd quarter. Federated Hermes Inc. now owns 110,808 shares of the company’s stock valued at $4,160,000 after buying an additional 32,455 shares during the period. Gamco Investors INC. ET AL grew its position in Cadence Bank by 77.1% in the second quarter. Gamco Investors INC. ET AL now owns 148,550 shares of the company’s stock worth $4,751,000 after acquiring an additional 64,690 shares during the period. Jackson Creek Investment Advisors LLC acquired a new stake in Cadence Bank during the third quarter worth $1,810,000. SouthState Bank Corp purchased a new stake in Cadence Bank in the third quarter valued at $2,211,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Cadence Bank by 59.7% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 117,552 shares of the company’s stock valued at $4,413,000 after purchasing an additional 43,944 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on CADE shares. Morgan Stanley downgraded Cadence Bank from an “overweight” rating to a “sell” rating in a research report on Tuesday, October 28th. Keefe, Bruyette & Woods cut shares of Cadence Bank from a “moderate buy” rating to a “hold” rating and lifted their price target for the company from $41.00 to $49.00 in a research report on Monday, November 3rd. Piper Sandler set a $40.00 price target on shares of Cadence Bank and gave the company a “neutral” rating in a research note on Monday, October 27th. Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a research report on Monday, October 27th. Finally, Barclays downgraded shares of Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Two investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $42.88.

Cadence Bank Stock Down 1.6%

Shares of CADE opened at $42.14 on Monday. The company’s 50-day simple moving average is $43.30 and its 200-day simple moving average is $39.82. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a 1 year low of $25.22 and a 1 year high of $46.74. The stock has a market capitalization of $7.68 billion, a PE ratio of 14.94 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.06. The firm had revenue of $528.41 million for the quarter, compared to the consensus estimate of $525.15 million. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. During the same period in the prior year, the firm earned $0.70 EPS. Analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, January 30th were 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 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, January 30th. Cadence Bank’s dividend payout ratio is currently 39.01%.

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.