Proficio Capital Partners LLC Buys Shares of 35,001 Cadence Bank (NYSE:CADE)

Proficio Capital Partners LLC bought a new stake in Cadence Bank (NYSE:CADE) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 35,001 shares of the company’s stock, valued at approximately $1,206,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake 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 purchasing an additional 39,679 shares during the last quarter. Cerity Partners LLC grew its stake in Cadence Bank by 31.2% in the third 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 during the last quarter. Stifel Financial Corp grew its stake in Cadence Bank by 18.1% in 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 during the last quarter. Victory Capital Management Inc. grew its stake in shares of Cadence Bank by 1.4% during the fourth quarter. Victory Capital Management Inc. now owns 50,453 shares of the company’s stock worth $1,738,000 after acquiring an additional 685 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in shares of Cadence Bank during the third quarter worth about $947,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

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

Cadence Bank Stock Down 1.8 %

Shares of NYSE CADE opened at $30.12 on Friday. The business’s 50 day moving average price is $33.41 and its 200 day moving average price is $34.02. The firm has a market cap of $5.49 billion, a P/E ratio of 10.87 and a beta of 0.96. Cadence Bank has a 52 week low of $26.16 and a 52 week high of $40.20.

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

Cadence Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.275 dividend. The ex-dividend date is Friday, March 14th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 3.65%. Cadence Bank’s payout ratio is presently 39.71%.

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.