Federated Hermes Inc. Boosts Stake in Cadence Bank (NYSE:CADE)

Federated Hermes Inc. lifted its holdings in shares of Cadence Bank (NYSE:CADE) by 4.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,208 shares of the company’s stock after buying an additional 6,417 shares during the period. Federated Hermes Inc. owned approximately 0.08% of Cadence Bank worth $4,304,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the period. AlphaMark Advisors LLC grew its position in Cadence Bank by 5.6% in the 2nd quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock worth $307,000 after purchasing an additional 579 shares during the period. Retirement Systems of Alabama raised its stake in Cadence Bank by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 229,380 shares of the company’s stock valued at $6,652,000 after buying an additional 602 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Cadence Bank by 0.3% during the 1st quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock valued at $6,681,000 after buying an additional 689 shares during the period. Finally, Arizona State Retirement System boosted its stake in shares of Cadence Bank by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after buying an additional 938 shares during the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Performance

NYSE CADE opened at $32.01 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.05. Cadence Bank has a twelve month low of $19.67 and a twelve month high of $34.13. The business has a 50-day moving average price of $31.20 and a 200-day moving average price of $29.18. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of 10.23 and a beta of 0.97.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. The business had revenue of $742.87 million during the quarter, compared to the consensus estimate 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 in the prior year, the company posted $0.64 EPS. As a group, equities research analysts predict that Cadence Bank will post 2.56 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Friday, September 13th. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Analysts Set New Price Targets

CADE has been the topic of a number of recent research reports. Morgan Stanley increased their target price on Cadence Bank from $30.00 to $36.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Truist Financial boosted their target price on shares of Cadence Bank from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada increased their price target on shares of Cadence Bank from $31.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 24th. Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. Finally, Hovde Group raised their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.54.

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.