Oppenheimer Asset Management Inc. Invests $265,000 in Cadence Bank (NYSE:CADE)

Oppenheimer Asset Management Inc. bought a new position in shares of Cadence Bank (NYSE:CADE) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 9,363 shares of the company’s stock, valued at approximately $265,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Cadence Bank by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock worth $587,867,000 after purchasing an additional 940,895 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Cadence Bank by 32.4% during 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 worth $716,000. Blue Trust Inc. lifted 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 worth $628,000 after buying an additional 17,774 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Cadence Bank by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,759,818 shares of the company’s stock worth $51,034,000 after buying an additional 227,395 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CADE has been the subject of several recent analyst reports. Jefferies Financial Group dropped their price objective on Cadence Bank from $31.00 to $29.00 and set a “hold” rating for the company in a research report on Wednesday, July 3rd. Barclays upped their price objective on Cadence Bank from $30.00 to $33.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 24th. Truist Financial dropped their price objective on Cadence Bank from $38.00 to $37.00 and set a “buy” rating for the company in a research report on Friday. 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 research report on Monday, August 5th. Finally, Piper Sandler downgraded Cadence Bank from an “overweight” rating to a “neutral” rating and increased their target price for the company from $33.00 to $34.00 in a research report on Wednesday, July 24th. 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. According to MarketBeat, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus target price of $34.46.

Cadence Bank Price Performance

Shares of CADE opened at $31.99 on Friday. Cadence Bank has a 1 year low of $19.67 and a 1 year high of $34.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of 10.22 and a beta of 0.97. The business has a 50-day moving average of $31.37 and a 200-day moving average of $29.27.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings data 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 return on equity of 8.82% and a net margin of 24.42%. The company had revenue of $742.87 million during the quarter, compared to the consensus estimate of $439.63 million. During the same period last year, the company earned $0.64 earnings per share. As a group, equities research analysts anticipate that Cadence Bank will post 2.56 earnings per share for the current year.

Cadence Bank Announces Dividend

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

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.