King Luther Capital Management Corp raised its stake in shares of Cadence Bank (NYSE:CADE – Free Report) by 5.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,344 shares of the company’s stock after purchasing an additional 6,737 shares during the period. King Luther Capital Management Corp owned 0.07% of Cadence Bank worth $3,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CADE. GAMMA Investing LLC raised its position in Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after purchasing an additional 436 shares during the period. Rise Advisors LLC bought a new position in shares of Cadence Bank during the first quarter valued at approximately $34,000. Innealta Capital LLC bought a new position in shares of Cadence Bank during the second quarter valued at approximately $138,000. Argent Advisors Inc. bought a new position in shares of Cadence Bank during the first quarter valued at approximately $204,000. Finally, Lavaca Capital LLC bought a new position in shares of Cadence Bank during the first quarter valued at approximately $207,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.
Cadence Bank Stock Down 2.0 %
Shares of NYSE CADE opened at $31.99 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $5.83 billion, a PE ratio of 10.22 and a beta of 0.97. The stock’s fifty day simple moving average is $31.37 and its two-hundred day simple moving average is $29.27. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13.
Cadence Bank Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given 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 (DPR) is presently 31.95%.
Wall Street Analyst Weigh In
CADE has been the topic of a number of analyst reports. Royal Bank of Canada upped their target price on Cadence Bank from $31.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 24th. DA Davidson upped their target price on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Barclays upped their target price on Cadence Bank from $30.00 to $33.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. Piper Sandler cut Cadence Bank from an “overweight” rating to a “neutral” rating and upped their target price for the company from $33.00 to $34.00 in a research note on Wednesday, July 24th. Finally, Truist Financial cut their target price on Cadence Bank from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday. Six equities 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 data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and an average price target of $34.46.
Read Our Latest Research Report on Cadence Bank
About Cadence Bank
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.
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