Handelsbanken Fonder AB raised its holdings in shares of Cadence Bank (NYSE:CADE – Free Report) by 45.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,158 shares of the company’s stock after purchasing an additional 10,300 shares during the quarter. Handelsbanken Fonder AB’s holdings in Cadence Bank were worth $688,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in CADE. State of Wyoming bought a new stake in shares of Cadence Bank in the 4th quarter worth $25,000. Ronald Blue Trust Inc. grew its stake in shares of Cadence Bank by 215.2% in the 4th quarter. Ronald Blue Trust Inc. now owns 2,304 shares of the company’s stock worth $59,000 after acquiring an additional 1,573 shares in the last quarter. Covestor Ltd grew its stake in shares of Cadence Bank by 189.8% in the 1st quarter. Covestor Ltd now owns 2,455 shares of the company’s stock worth $72,000 after acquiring an additional 1,608 shares in the last quarter. Clear Street Markets LLC bought a new stake in shares of Cadence Bank in the 4th quarter worth $89,000. Finally, Neo Ivy Capital Management bought a new stake in shares of Cadence Bank in the 4th quarter worth $105,000.
Wall Street Analyst Weigh In
CADE has been the subject of several recent analyst reports. Morgan Stanley reduced their target price on shares of Cadence Bank from $29.00 to $23.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 5th. Keefe, Bruyette & Woods reduced their target price on shares of Cadence Bank from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Truist Financial cut their price target on shares of Cadence Bank from $24.00 to $23.00 in a report on Thursday, June 29th. TheStreet downgraded shares of Cadence Bank from a “b-” rating to a “c+” rating in a report on Tuesday, May 2nd. Finally, Raymond James cut their price target on shares of Cadence Bank from $30.00 to $26.00 and set a “strong-buy” rating on the stock in a report on Thursday, April 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cadence Bank presently has an average rating of “Moderate Buy” and a consensus target price of $26.00.
Cadence Bank Price Performance
Cadence Bank (NYSE:CADE – Get Free Report) last announced its quarterly earnings results on Tuesday, April 25th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. Cadence Bank had a return on equity of 13.24% and a net margin of 19.37%. The firm had revenue of $600.20 million for the quarter, compared to analysts’ expectations of $456.09 million. During the same period in the prior year, the business posted $0.65 earnings per share. Research analysts predict that Cadence Bank will post 2.65 earnings per share for the current year.
Cadence Bank Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th were given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 4.13%. The ex-dividend date was Wednesday, June 14th. Cadence Bank’s dividend payout ratio is presently 41.59%.
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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