Orion Portfolio Solutions LLC Increases Holdings in Cadence Bank (NYSE:CADE)

Orion Portfolio Solutions LLC grew its holdings in Cadence Bank (NYSE:CADE) by 28.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,193 shares of the company’s stock after acquiring an additional 3,131 shares during the period. Orion Portfolio Solutions LLC’s holdings in Cadence Bank were worth $452,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CADE. XTX Topco Ltd purchased a new stake in shares of Cadence Bank in the third quarter valued at approximately $222,000. State Street Corp increased its holdings in Cadence Bank by 1.9% in the 3rd quarter. State Street Corp now owns 8,872,085 shares of the company’s stock worth $284,759,000 after acquiring an additional 165,282 shares in the last quarter. Stifel Financial Corp lifted its holdings in Cadence Bank by 18.1% during the third quarter. Stifel Financial Corp now owns 21,034 shares of the company’s stock valued at $670,000 after purchasing an additional 3,218 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Cadence Bank in the third quarter valued at about $302,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Cadence Bank during the third quarter worth about $304,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on CADE. DA Davidson increased their price objective on Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target on Cadence Bank from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Barclays lifted their price objective on Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada lifted their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Cadence Bank Price Performance

Cadence Bank stock opened at $33.87 on Thursday. The company’s 50 day simple moving average is $35.95 and its 200-day simple moving average is $32.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 1 year low of $24.99 and a 1 year high of $40.20. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 9.73 and a beta of 0.98.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $450.97 million. During the same period in the prior year, the firm earned $0.56 earnings per share. The firm’s revenue was up 11.0% compared to the same quarter last year. As a group, equities research analysts expect that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio (DPR) is 28.74%.

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.