Seven Eight Capital LP Acquires Shares of 42,349 Cadence Bank (NYSE:CADE)

Seven Eight Capital LP bought a new position in shares of Cadence Bank (NYSE:CADE) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 42,349 shares of the company’s stock, valued at approximately $1,198,000.

Several other hedge funds also recently made changes to their positions in the company. Halter Ferguson Financial Inc. bought a new position in Cadence Bank during the fourth quarter worth $3,023,000. Vanguard Group Inc. lifted its position in shares of Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after buying an additional 940,895 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Cadence Bank by 32.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company’s stock worth $1,998,000 after buying an additional 16,850 shares during the last quarter. Entropy Technologies LP bought a new stake in shares of Cadence Bank during the 1st quarter valued at about $716,000. Finally, Blue Trust Inc. grew its position in shares of Cadence Bank by 456.6% during the 2nd quarter. Blue Trust Inc. now owns 21,667 shares of the company’s stock valued at $628,000 after buying an additional 17,774 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Truist Financial increased their price target on Cadence Bank from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Hovde Group raised their target price on Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Piper Sandler downgraded shares of Cadence Bank from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Barclays increased their price objective on shares of Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 24th. Finally, Stephens reissued an “overweight” rating and set a $35.00 target price on shares of Cadence Bank in a research note on Tuesday, July 23rd. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus price target of $34.54.

Cadence Bank Trading Up 1.9 %

Shares of CADE stock opened at $32.64 on Friday. The stock has a 50-day simple moving average of $31.27 and a 200 day simple moving average of $29.20. The stock has a market capitalization of $5.95 billion, a P/E ratio of 10.43 and a beta of 0.97. Cadence Bank has a fifty-two week low of $19.67 and a fifty-two week high of $34.13. 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 posted its quarterly earnings data on Monday, July 22nd. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.08. The company had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. During the same quarter last year, the firm posted $0.64 EPS. On average, sell-side analysts expect that Cadence Bank will post 2.56 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 annualized dividend and a yield of 3.06%. Cadence Bank’s dividend payout ratio (DPR) is 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.