Rhumbline Advisers Raises Stake in Cadence Bank (NYSE:CADE)

Rhumbline Advisers raised its stake in Cadence Bank (NYSE:CADE) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 624,177 shares of the company’s stock after buying an additional 13,507 shares during the quarter. Rhumbline Advisers owned approximately 0.34% of Cadence Bank worth $21,503,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CADE. Allspring Global Investments Holdings LLC purchased a new position in shares of Cadence Bank during the 3rd quarter worth $5,511,000. Moody Aldrich Partners LLC grew its holdings in shares of Cadence Bank by 28.6% during the 3rd quarter. Moody Aldrich Partners LLC now owns 294,932 shares of the company’s stock worth $9,394,000 after purchasing an additional 65,595 shares during the period. Moody Lynn & Lieberson LLC purchased a new position in shares of Cadence Bank during the 3rd quarter worth $220,000. State of Alaska Department of Revenue grew its holdings in shares of Cadence Bank by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 21,160 shares of the company’s stock worth $673,000 after purchasing an additional 1,435 shares during the period. Finally, Leuthold Group LLC purchased a new position in shares of Cadence Bank during the 3rd quarter worth $2,743,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Price Performance

CADE stock opened at $33.68 on Friday. The firm has a market capitalization of $6.14 billion, a P/E ratio of 12.16 and a beta of 0.99. The business’s 50-day moving average is $34.90 and its two-hundred day moving average is $33.96. Cadence Bank has a 1 year low of $26.16 and a 1 year high of $40.20.

Cadence Bank (NYSE:CADE) last posted 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 last year, the company posted $0.40 EPS. On average, analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.25. Cadence Bank’s dividend payout ratio (DPR) is 36.10%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CADE shares. Citigroup increased their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. Barclays raised Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $41.00 to $44.00 in a research note on Thursday, December 19th. Royal Bank of Canada reissued a “sector perform” rating and set a $38.00 target price on shares of Cadence Bank in a research note on Friday, January 24th. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Cadence Bank in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods increased their target price on Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $38.50.

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.