Proficio Capital Partners LLC Takes Position in Cadence Bank (NYSE:CADE)

Proficio Capital Partners LLC acquired a new stake in Cadence Bank (NYSE:CADE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 35,001 shares of the company’s stock, valued at approximately $1,206,000.

Several other hedge funds have also modified their holdings of the stock. Oregon Public Employees Retirement Fund increased its holdings in Cadence Bank by 0.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 37,274 shares of the company’s stock valued at $1,284,000 after buying an additional 300 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Cadence Bank by 3.5% in the fourth quarter. Bank of New York Mellon Corp now owns 1,836,594 shares of the company’s stock valued at $63,271,000 after buying an additional 62,026 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in Cadence Bank by 19.0% in the fourth quarter. Handelsbanken Fonder AB now owns 40,058 shares of the company’s stock valued at $1,380,000 after buying an additional 6,400 shares during the last quarter. Callahan Advisors LLC purchased a new position in Cadence Bank in the fourth quarter valued at $225,000. Finally, Rhumbline Advisers increased its holdings in Cadence Bank by 2.2% in the fourth quarter. Rhumbline Advisers now owns 624,177 shares of the company’s stock valued at $21,503,000 after buying an additional 13,507 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Trading Down 0.3 %

CADE stock opened at $30.45 on Friday. The firm has a 50 day moving average of $34.34 and a 200-day moving average of $34.15. Cadence Bank has a 12-month low of $26.16 and a 12-month high of $40.20. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 10.99 and a beta of 0.96.

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 net margin of 18.03% and a return on equity of 9.87%. During the same quarter in the prior year, the business posted $0.40 earnings per share. Sell-side analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.61%. This is a boost from Cadence Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 14th. Cadence Bank’s dividend payout ratio (DPR) is 39.71%.

Wall Street Analyst Weigh In

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

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.