Wealth Management Partners LLC acquired a new position in Cadence Bank (NYSE:CADE – Get Rating) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,000 shares of the company’s stock, valued at approximately $228,000.
Several other institutional investors also recently modified their holdings of CADE. Pictet Asset Management SA bought a new stake in shares of Cadence Bank in the fourth quarter worth $372,000. JPMorgan Chase & Co. boosted its position in Cadence Bank by 15.2% during the fourth quarter. JPMorgan Chase & Co. now owns 975,326 shares of the company’s stock valued at $29,055,000 after acquiring an additional 128,788 shares during the last quarter. Ensign Peak Advisors Inc boosted its position in Cadence Bank by 25.0% during the fourth quarter. Ensign Peak Advisors Inc now owns 93,630 shares of the company’s stock valued at $2,789,000 after acquiring an additional 18,755 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cadence Bank by 67.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,760,444 shares of the company’s stock valued at $52,444,000 after acquiring an additional 706,442 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Cadence Bank by 63.9% during the fourth quarter. Geode Capital Management LLC now owns 3,288,365 shares of the company’s stock valued at $97,960,000 after acquiring an additional 1,282,098 shares during the last quarter.
Analyst Ratings Changes
A number of analysts have commented on CADE shares. Piper Sandler cut their price target on shares of Cadence Bank to $33.00 in a research report on Monday, July 4th. TheStreet upgraded shares of Cadence Bank from a “c+” rating to a “b-” rating in a report on Friday, May 27th. Jefferies Financial Group dropped their price objective on shares of Cadence Bank from $28.00 to $26.00 in a report on Monday, July 11th. Stephens upped their price objective on shares of Cadence Bank to $32.00 and gave the company an “outperform” rating in a report on Wednesday, July 27th. Finally, Raymond James dropped their price objective on shares of Cadence Bank from $35.00 to $32.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 7th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cadence Bank has a consensus rating of “Buy” and an average target price of $31.33.
Cadence Bank Stock Down 3.4 %
Cadence Bank (NYSE:CADE – Get Rating) last released its earnings results on Monday, July 25th. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.07. Cadence Bank had a net margin of 17.35% and a return on equity of 11.07%. The firm had revenue of $450.00 million during the quarter, compared to the consensus estimate of $443.43 million. During the same period in the prior year, the firm earned $0.86 EPS. Analysts predict that Cadence Bank will post 2.92 earnings per share for the current year.
Cadence Bank Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Wednesday, September 14th. Cadence Bank’s dividend payout ratio is currently 51.46%.
About Cadence Bank
Cadence Bank provides commercial banking and financial services in the United States. 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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