Pathstone Family Office LLC Has $749,000 Holdings in Cadence Bank (NYSE:CADE)

Posted by on Mar 14th, 2023

Pathstone Family Office LLC grew its holdings in Cadence Bank (NYSE:CADE – Get Rating) by 15.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,465 shares of the company’s stock after purchasing an additional 4,019 shares during the period. Pathstone Family Office LLC’s holdings in Cadence Bank were worth $749,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Private Trust Co. NA acquired a new position in Cadence Bank during the second quarter worth $28,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in Cadence Bank during the third quarter worth $29,000. Exchange Traded Concepts LLC increased its holdings in Cadence Bank by 58.6% during the third quarter. Exchange Traded Concepts LLC now owns 1,183 shares of the company’s stock worth $30,000 after buying an additional 437 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new position in Cadence Bank during the third quarter worth $50,000. Finally, Covestor Ltd increased its holdings in Cadence Bank by 189.8% during the first quarter. Covestor Ltd now owns 2,455 shares of the company’s stock worth $72,000 after buying an additional 1,608 shares during the last quarter.

Cadence Bank Trading Down 9.6 %

Shares of Cadence Bank stock opened at $21.94 on Tuesday. The firm’s 50-day moving average price is $26.07 and its two-hundred day moving average price is $26.40. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 8.92 and a beta of 0.99. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.11. Cadence Bank has a 12-month low of $21.18 and a 12-month high of $31.02.

Cadence Bank (NYSE:CADE – Get Rating) last announced its quarterly earnings data on Tuesday, January 31st. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.03. Cadence Bank had a net margin of 22.56% and a return on equity of 13.05%. The business had revenue of $474.23 million for the quarter, compared to analysts’ expectations of $485.08 million. During the same period last year, the firm posted $0.63 earnings per share. The firm’s quarterly revenue was up 26.4% compared to the same quarter last year. On average, analysts forecast that Cadence Bank will post 2.82 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 Monday, April 3rd. Investors of record on Wednesday, March 15th will be given a dividend of $0.235 per share. This is an increase from Cadence Bank’s previous quarterly dividend of $0.22. This represents a $0.94 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Tuesday, March 14th. Cadence Bank’s dividend payout ratio is currently 38.21%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CADE shares. Stephens boosted their target price on shares of Cadence Bank from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Wednesday, February 1st. Keefe, Bruyette & Woods reduced their price objective on shares of Cadence Bank from $35.00 to $32.00 and set an “outperform” rating for the company in a research report on Thursday, February 2nd. Morgan Stanley decreased their price target on shares of Cadence Bank from $32.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 1st. Janney Montgomery Scott downgraded shares of Cadence Bank from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $29.00 to $30.00 in a research report on Thursday, November 17th. They noted that the move was a valuation call. Finally, Raymond James lowered their target price on Cadence Bank from $32.00 to $30.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, February 1st. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $30.13.

Cadence Bank Company Profile

(Get Rating)

Cadence Bank provides banking and financial solutions to consumers, businesses and corporations. Its services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance.

Featured Articles

Institutional Ownership by Quarter for Cadence Bank (NYSE:CADE)

Receive News & Ratings for Cadence Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cadence Bank and related companies with MarketBeat.com's FREE daily email newsletter.