9,363 Shares in Cadence Bank (NYSE:CADE) Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. bought a new position in shares of Cadence Bank (NYSE:CADE) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,363 shares of the company’s stock, valued at approximately $265,000.

Several other large investors have also added to or reduced their stakes in CADE. Federated Hermes Inc. grew its stake in Cadence Bank by 4.4% in the second quarter. Federated Hermes Inc. now owns 152,208 shares of the company’s stock valued at $4,304,000 after acquiring an additional 6,417 shares during the period. Vest Financial LLC grew its stake in Cadence Bank by 31.6% in the second quarter. Vest Financial LLC now owns 40,262 shares of the company’s stock valued at $1,139,000 after acquiring an additional 9,673 shares during the period. Beam Wealth Advisors Inc. grew its stake in Cadence Bank by 10.9% in the second quarter. Beam Wealth Advisors Inc. now owns 41,103 shares of the company’s stock valued at $1,162,000 after acquiring an additional 4,034 shares during the period. United Services Automobile Association grew its stake in Cadence Bank by 16.1% in the second quarter. United Services Automobile Association now owns 14,736 shares of the company’s stock valued at $417,000 after acquiring an additional 2,041 shares during the period. Finally, Arizona State Retirement System grew its stake in Cadence Bank by 1.9% in the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock valued at $1,447,000 after acquiring an additional 938 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Stephens reissued an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Morgan Stanley lifted their target price on Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Royal Bank of Canada lifted their target price on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group cut their target price on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $34.46.

Cadence Bank Stock Performance

Shares of Cadence Bank stock opened at $31.99 on Friday. The business’s fifty day simple moving average is $31.37 and its 200 day simple moving average is $29.27. The firm has a market capitalization of $5.83 billion, a P/E ratio of 10.22 and a beta of 0.97. Cadence Bank has a 12 month low of $19.67 and a 12 month high of $34.13. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, July 22nd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. The business had revenue of $742.87 million for the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a return on equity of 8.82% and a net margin of 24.42%. During the same period last year, the company posted $0.64 earnings per share. As a group, analysts anticipate that Cadence Bank will post 2.56 EPS for the current year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a dividend yield of 3.13%. Cadence Bank’s payout ratio is presently 31.95%.

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.