Brooklyn Investment Group Invests $26,000 in Cadence Bank (NYSE:CADE)

Brooklyn Investment Group bought a new stake in Cadence Bank (NYSE:CADE) during the fourth quarter, HoldingsChannel.com reports. The fund bought 754 shares of the company’s stock, valued at approximately $26,000.

Several other large investors have also recently added to or reduced their stakes in CADE. Geode Capital Management LLC lifted its holdings in Cadence Bank by 0.9% in the third quarter. Geode Capital Management LLC now owns 4,362,543 shares of the company’s stock valued at $138,974,000 after buying an additional 39,679 shares during the period. Cerity Partners LLC lifted its holdings in shares of Cadence Bank by 31.2% during the 3rd quarter. Cerity Partners LLC now owns 64,377 shares of the company’s stock valued at $2,050,000 after purchasing an additional 15,312 shares in the last quarter. Stifel Financial Corp grew its position in shares of Cadence Bank by 18.1% in the 3rd 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 during the period. Vaughan Nelson Investment Management L.P. increased its stake in Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares in the last quarter. Finally, Franklin Resources Inc. bought a new position in Cadence Bank in the third quarter valued at approximately $947,000. 84.61% of the stock is owned by institutional investors.

Cadence Bank Stock Performance

Shares of CADE stock opened at $35.65 on Tuesday. The business’s 50 day simple moving average is $36.21 and its 200 day simple moving average is $33.39. Cadence Bank has a one year low of $24.99 and a one year high of $40.20. The stock has a market capitalization of $6.50 billion, a PE ratio of 10.24 and a beta of 1.00. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, October 21st. The company reported $0.73 earnings per share 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 analyst estimates of $450.97 million. During the same period in the prior year, the firm earned $0.56 earnings per share. Cadence Bank’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, research analysts forecast that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 13th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date was Friday, December 13th. Cadence Bank’s payout ratio is currently 28.74%.

Wall Street Analysts Forecast Growth

CADE has been the subject of several research reports. Truist Financial raised their price target 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 boosted their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $36.00 to $39.00 in a report on Monday, September 30th. Barclays raised shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Finally, DA Davidson lifted their target price on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $37.32.

Cadence Bank 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.