Intech Investment Management LLC Has $1.80 Million Position in Cadence Bank (NYSE:CADE)

Intech Investment Management LLC increased its stake in shares of Cadence Bank (NYSE:CADE) by 224.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,452 shares of the company’s stock after purchasing an additional 39,044 shares during the quarter. Intech Investment Management LLC’s holdings in Cadence Bank were worth $1,798,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CADE. Blue Trust Inc. raised its position in Cadence Bank by 456.6% in the second quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after purchasing an additional 17,774 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after buying an additional 291,885 shares during the last quarter. Natixis Advisors LLC boosted its position in Cadence Bank by 8.0% during the 2nd quarter. Natixis Advisors LLC now owns 419,375 shares of the company’s stock worth $11,860,000 after buying an additional 30,945 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Cadence Bank during the 3rd quarter worth approximately $5,511,000. Finally, Segall Bryant & Hamill LLC increased its position in Cadence Bank by 21.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after acquiring an additional 237,748 shares during the period. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Up 1.1 %

Cadence Bank stock opened at $39.29 on Tuesday. The company has a market capitalization of $7.16 billion, a PE ratio of 11.29 and a beta of 0.95. Cadence Bank has a 12-month low of $24.15 and a 12-month high of $40.20. The firm’s fifty day moving average is $33.99 and its 200 day moving average is $31.26. 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 announced its quarterly earnings data 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. The firm 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 quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.56 earnings per share. As a group, sell-side analysts predict that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently declared 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 dividend yield of 2.55%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s payout ratio is currently 28.74%.

Wall Street Analyst Weigh In

CADE has been the topic of several analyst reports. Truist Financial boosted their price objective 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. Royal Bank of Canada upped their price target on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Barclays raised 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. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $36.00 to $39.00 in a report on Monday, September 30th. Finally, DA Davidson increased their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company 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 issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and an average 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.