HighTower Advisors LLC Raises Stock Position in Cadence Bank (NYSE:CADE)

HighTower Advisors LLC grew its stake in Cadence Bank (NYSE:CADE) by 1.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,940 shares of the company’s stock after buying an additional 599 shares during the period. HighTower Advisors LLC’s holdings in Cadence Bank were worth $1,406,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in Cadence Bank by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after acquiring an additional 593,878 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Cadence Bank by 16.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock valued at $66,360,000 after purchasing an additional 291,885 shares during the last quarter. Segall Bryant & Hamill LLC boosted its position in shares of Cadence Bank by 21.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after purchasing an additional 237,748 shares during the period. FMR LLC grew its stake in Cadence Bank by 1.2% during the 3rd quarter. FMR LLC now owns 16,423,050 shares of the company’s stock worth $523,074,000 after buying an additional 195,773 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Cadence Bank during the third quarter worth approximately $5,511,000. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CADE shares. Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Barclays raised their price objective on shares of Cadence Bank from $37.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 5th. DA Davidson upped their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada raised their price target on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. Finally, Truist Financial upped their price objective on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Cadence Bank Trading Down 0.8 %

Shares of CADE stock opened at $36.40 on Monday. The business’s fifty day moving average price is $35.69 and its 200 day moving average price is $32.13. The firm has a market capitalization of $6.63 billion, a PE ratio of 10.46 and a beta of 0.98. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. Cadence Bank has a 1-year low of $24.99 and a 1-year high of $40.20.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.09. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. The business had revenue of $447.36 million during the quarter, compared to the consensus estimate of $450.97 million. During the same quarter last year, the firm posted $0.56 EPS. The business’s revenue was up 11.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Cadence Bank will post 2.71 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.75%. Cadence Bank’s dividend payout ratio (DPR) is presently 28.74%.

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.