Cadence Bank (NYSE:CADE) Shares Acquired by HighTower Advisors LLC

HighTower Advisors LLC boosted its holdings in Cadence Bank (NYSE:CADE) by 1.4% during the third quarter, Holdings Channel.com reports. The fund owned 43,940 shares of the company’s stock after acquiring an additional 599 shares during the period. HighTower Advisors LLC’s holdings in Cadence Bank were worth $1,406,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CADE. KBC Group NV grew its position in shares of Cadence Bank by 11.5% in the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after purchasing an additional 519 shares during the last quarter. Algert Global LLC lifted its stake in Cadence Bank by 2.8% in the 3rd quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after buying an additional 522 shares in the last quarter. GAMMA Investing LLC grew its holdings in Cadence Bank by 55.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after buying an additional 559 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Cadence Bank during the third quarter worth $25,000. Finally, Arizona State Retirement System raised its holdings in shares of Cadence Bank by 1.9% in the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after acquiring an additional 938 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CADE shares. DA Davidson increased their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays lifted their price target on shares of Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Truist Financial upped their price objective on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada lifted their target price on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods increased their price target on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

Cadence Bank Stock Down 0.8 %

Shares of NYSE CADE opened at $36.40 on Monday. The stock has a market capitalization of $6.63 billion, a PE ratio of 10.46 and a beta of 0.98. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average of $35.69 and a 200-day moving average of $32.13. Cadence Bank has a 52-week low of $24.99 and a 52-week high of $40.20.

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

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

About Cadence Bank

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.