Algert Global LLC Raises Stock Holdings in Cadence Bank (NYSE:CADE)

Algert Global LLC raised its stake in Cadence Bank (NYSE:CADE) by 2.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,920 shares of the company’s stock after purchasing an additional 522 shares during the period. Algert Global LLC’s holdings in Cadence Bank were worth $603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Cadence Bank in the 3rd quarter worth approximately $25,000. GAMMA Investing LLC grew its holdings in Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after purchasing an additional 436 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Cadence Bank during the second quarter worth $138,000. KBC Group NV lifted its holdings in shares of Cadence Bank by 11.5% during 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 during the last quarter. Finally, Americana Partners LLC acquired a new stake in shares of Cadence Bank in the 3rd quarter worth $201,000. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Royal Bank of Canada increased their price target on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. DA Davidson lifted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Truist Financial upped their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays lifted their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Cadence Bank Stock Down 0.3 %

Cadence Bank stock opened at $38.19 on Friday. The business’s 50-day moving average price is $34.49 and its 200 day moving average price is $31.49. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of 10.97 and a beta of 0.95. Cadence Bank has a 52 week low of $24.74 and a 52 week high of $40.20.

Cadence Bank (NYSE:CADE) last posted 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 firm had revenue of $447.36 million during the quarter, compared to analyst estimates of $450.97 million. During the same period in the previous year, the firm earned $0.56 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders 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 2.62%. The ex-dividend date is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

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.