Cadence Bank (NYSE:CADE) Shares Acquired by Creative Planning

Creative Planning raised its holdings in shares of Cadence Bank (NYSE:CADE) by 65.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,176 shares of the company’s stock after acquiring an additional 12,723 shares during the period. Creative Planning’s holdings in Cadence Bank were worth $910,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CADE. Teachers Retirement System of The State of Kentucky lifted its stake in Cadence Bank by 13.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 160,897 shares of the company’s stock valued at $4,760,000 after acquiring an additional 18,474 shares during the period. Wellington Management Group LLP lifted its stake in shares of Cadence Bank by 7.3% in the 4th quarter. Wellington Management Group LLP now owns 8,402,615 shares of the company’s stock valued at $248,633,000 after purchasing an additional 574,633 shares during the period. Vanguard Group Inc. lifted its stake in shares of Cadence Bank by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 19,330,388 shares of the company’s stock valued at $571,986,000 after purchasing an additional 157,523 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Cadence Bank by 19.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,488 shares of the company’s stock valued at $429,000 after purchasing an additional 2,376 shares during the period. Finally, Rise Advisors LLC acquired a new position in shares of Cadence Bank in the 1st quarter valued at $34,000. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Price Performance

Cadence Bank stock opened at $32.34 on Friday. Cadence Bank has a 52-week low of $19.67 and a 52-week high of $34.13. The firm has a market capitalization of $5.89 billion, a price-to-earnings ratio of 9.95 and a beta of 0.96. The company has a fifty day simple moving average of $31.07 and a 200-day simple moving average of $29.62. 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 (NYSE:CADE) last released its earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same quarter in the prior year, the firm earned $0.64 earnings per share. On average, equities analysts anticipate that Cadence Bank will post 2.57 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Friday, September 13th. Cadence Bank’s dividend payout ratio is currently 30.77%.

Analysts Set New Price Targets

CADE has been the subject of several analyst reports. DA Davidson boosted their target price on shares of Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Royal Bank of Canada boosted their target price on shares of Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. Truist Financial reduced their price objective on shares of Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Finally, Stephens restated an “overweight” rating and set a $35.00 price objective on shares of Cadence Bank in a research report on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $34.88.

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.