Wealthfront Advisers LLC Buys New Stake in Cadence Bank (NYSE:CADE)

Wealthfront Advisers LLC bought a new stake in shares of Cadence Bank (NYSE:CADE) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 5,915 shares of the company’s stock, valued at approximately $204,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Oregon Public Employees Retirement Fund lifted its holdings in shares of Cadence Bank by 0.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock valued at $1,284,000 after acquiring an additional 300 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Cadence Bank by 19.3% during the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company’s stock valued at $64,000 after acquiring an additional 301 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Cadence Bank by 0.8% during the 4th quarter. Arizona State Retirement System now owns 53,034 shares of the company’s stock valued at $1,827,000 after acquiring an additional 415 shares in the last quarter. 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 acquiring an additional 519 shares in the last quarter. Finally, Algert Global LLC lifted its holdings in shares of Cadence Bank by 2.8% during the 3rd quarter. Algert Global LLC now owns 18,920 shares of the company’s stock valued at $603,000 after acquiring an additional 522 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

CADE opened at $30.30 on Tuesday. The company has a 50-day moving average of $33.68 and a 200-day moving average of $34.08. The company has a market capitalization of $5.52 billion, a P/E ratio of 10.94 and a beta of 0.96. Cadence Bank has a 1-year low of $26.16 and a 1-year high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Cadence Bank had a net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the prior year, the firm posted $0.40 earnings per share. As a group, sell-side analysts expect that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Friday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio is currently 39.71%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Barclays upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $41.00 to $44.00 in a report on Thursday, December 19th. Keefe, Bruyette & Woods lifted their price target on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $38.00 price target on shares of Cadence Bank in a research note on Friday, January 24th. Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of Cadence Bank in a research note on Thursday, January 23rd. Finally, Citigroup lifted their price target on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, January 27th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Cadence Bank presently has a consensus rating of “Moderate Buy” and an average price target of $38.77.

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.