Orion Portfolio Solutions LLC Raises Position in Cadence Bank (NYSE:CADE)

Orion Portfolio Solutions LLC grew its stake in Cadence Bank (NYSE:CADE) by 28.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,193 shares of the company’s stock after purchasing an additional 3,131 shares during the period. Orion Portfolio Solutions LLC’s holdings in Cadence Bank were worth $452,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank during the third quarter valued at approximately $25,000. Point72 Hong Kong Ltd purchased a new position in Cadence Bank during the 3rd quarter valued at $32,000. GAMMA Investing LLC grew its position in Cadence Bank by 55.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,561 shares of the company’s stock valued at $50,000 after acquiring an additional 559 shares during the last quarter. Innealta Capital LLC bought a new position in Cadence Bank in the 2nd quarter valued at $138,000. Finally, KBC Group NV lifted its position in shares of Cadence Bank by 11.5% during the third quarter. KBC Group NV now owns 5,036 shares of the company’s stock worth $160,000 after purchasing an additional 519 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Truist Financial raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. DA Davidson boosted their price target on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Barclays lifted their target price on Cadence Bank from $37.00 to $41.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada increased their price target 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. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.63.

Cadence Bank Stock Performance

CADE stock opened at $33.87 on Thursday. The firm has a 50-day simple moving average of $35.95 and a two-hundred day simple moving average of $32.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 9.73 and a beta of 0.98.

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

Cadence Bank Announces Dividend

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 annualized dividend and a yield of 2.95%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio is currently 28.74%.

Cadence Bank Company 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.