Cadence Bank (NYSE:CADE) Shares Purchased by KBC Group NV

KBC Group NV increased its holdings in shares of Cadence Bank (NYSE:CADE) by 11.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,036 shares of the company’s stock after purchasing an additional 519 shares during the quarter. KBC Group NV’s holdings in Cadence Bank were worth $160,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CADE. State Board of Administration of Florida Retirement System increased its position in shares of Cadence Bank by 32.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock worth $1,998,000 after purchasing an additional 16,850 shares during the last quarter. Vanguard Group Inc. grew its position in Cadence Bank by 4.9% in 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 in the last quarter. Keeley Teton Advisors LLC grew its position in Cadence Bank by 2.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 237,291 shares of the company’s stock valued at $6,881,000 after acquiring an additional 6,328 shares in the last quarter. Lazard Asset Management LLC grew its position in Cadence Bank by 125.0% in the 1st quarter. Lazard Asset Management LLC now owns 8,181 shares of the company’s stock valued at $236,000 after acquiring an additional 4,545 shares in the last quarter. Finally, Lavaca Capital LLC acquired a new position in Cadence Bank in the 1st quarter valued at about $207,000. 84.61% of the stock is owned by institutional investors and hedge funds.

Cadence Bank Price Performance

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

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

Cadence Bank Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on CADE. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Hovde Group lifted their target price on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Barclays boosted their price objective on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Finally, Truist Financial boosted their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus price target of $35.29.

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.