LMR Partners LLP Makes New Investment in Cadence Bank (NYSE:CADE)

LMR Partners LLP bought a new stake in shares of Cadence Bank (NYSE:CADE) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,666 shares of the company’s stock, valued at approximately $212,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after acquiring an additional 940,895 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock worth $277,874,000 after purchasing an additional 593,878 shares during the period. Bank of New York Mellon Corp grew its holdings in Cadence Bank by 1.8% during the second quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after purchasing an additional 36,323 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Cadence Bank by 16.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after purchasing an additional 291,885 shares during the period. Finally, Natixis Advisors LLC lifted its stake in shares of Cadence Bank by 15.9% in the third quarter. Natixis Advisors LLC now owns 486,122 shares of the company’s stock worth $15,483,000 after buying an additional 66,747 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays raised their price target on Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada boosted their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. DA Davidson raised their target price on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.29.

Cadence Bank Price Performance

NYSE:CADE opened at $37.11 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50-day moving average of $33.56 and a 200-day moving average of $31.05. Cadence Bank has a 52 week low of $24.15 and a 52 week high of $39.79. The company has a market capitalization of $6.76 billion, a price-to-earnings ratio of 10.66 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The firm had revenue of $447.36 million during the quarter, compared to analysts’ expectations of $450.97 million. During the same quarter last year, the company earned $0.56 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio is 28.74%.

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.