Brooklyn Investment Group Takes Position in Cadence Bank (NYSE:CADE)

Brooklyn Investment Group acquired a new stake in Cadence Bank (NYSE:CADE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 754 shares of the company’s stock, valued at approximately $26,000.

Several other hedge funds have also modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank during the third quarter worth about $25,000. Point72 Hong Kong Ltd acquired a new position in Cadence Bank in the 3rd quarter valued at about $32,000. GAMMA Investing LLC boosted its holdings 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 purchasing an additional 559 shares in the last quarter. TD Private Client Wealth LLC boosted its holdings in Cadence Bank by 23.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 4,954 shares of the company’s stock valued at $158,000 after purchasing an additional 926 shares in the last quarter. Finally, KBC Group NV boosted its holdings in Cadence Bank by 11.5% in the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after purchasing an additional 519 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Price Performance

Shares of NYSE:CADE opened at $35.65 on Tuesday. Cadence Bank has a 52 week low of $24.99 and a 52 week high of $40.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $6.50 billion, a P/E ratio of 10.24 and a beta of 1.00. The firm’s 50 day moving average is $36.21 and its two-hundred day moving average is $33.39.

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

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend was Friday, December 13th. Cadence Bank’s dividend payout ratio is currently 28.74%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Barclays upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. 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. Finally, Royal Bank of Canada boosted their price target on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and an average target price of $37.32.

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.