Bleakley Financial Group LLC Invests $561,000 in Cadence Bank (NYSE:CADE)

Bleakley Financial Group LLC bought a new position in Cadence Bank (NYSE:CADE) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 16,283 shares of the company’s stock, valued at approximately $561,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Choreo LLC purchased a new stake in Cadence Bank during the 4th quarter valued at about $348,000. Retirement Systems of Alabama grew its position in Cadence Bank by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 222,475 shares of the company’s stock valued at $7,664,000 after purchasing an additional 867 shares during the last quarter. Mather Group LLC. grew its position in Cadence Bank by 716.2% during the 4th quarter. Mather Group LLC. now owns 808 shares of the company’s stock valued at $28,000 after purchasing an additional 709 shares during the last quarter. Journey Strategic Wealth LLC purchased a new stake in Cadence Bank during the 4th quarter valued at about $215,000. Finally, KBC Group NV grew its position in Cadence Bank by 63.6% during the 4th quarter. KBC Group NV now owns 8,239 shares of the company’s stock valued at $284,000 after purchasing an additional 3,203 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on CADE shares. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $41.00 to $44.00 in a research report on Thursday, December 19th. Stephens reissued an “overweight” rating and set a $42.00 price objective on shares of Cadence Bank in a research report on Thursday, January 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a report on Friday, January 24th. DA Davidson raised their price target on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Truist Financial raised their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $38.50.

Cadence Bank Trading Down 0.5 %

CADE opened at $35.13 on Tuesday. The company has a market cap of $6.40 billion, a price-to-earnings ratio of 12.68 and a beta of 0.99. The company’s 50 day moving average is $35.33 and its 200 day moving average is $33.85. Cadence Bank has a 12-month low of $25.55 and a 12-month high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same period in the prior year, the business earned $0.40 EPS. As a group, analysts predict that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.275 dividend. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.13%. Cadence Bank’s dividend payout ratio (DPR) is presently 39.71%.

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.