Quest Partners LLC Increases Stock Position in Cadence Bank (NYSE:CADE)

Quest Partners LLC lifted its holdings in shares of Cadence Bank (NYSE:CADE) by 390,500.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,812 shares of the company’s stock after purchasing an additional 7,810 shares during the period. Quest Partners LLC’s holdings in Cadence Bank were worth $249,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Cadence Bank by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after buying an additional 593,878 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in 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 acquiring an additional 291,885 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Cadence Bank during the 3rd quarter worth $5,511,000. Leuthold Group LLC acquired a new stake in shares of Cadence Bank during the third quarter worth $2,743,000. Finally, Natixis Advisors LLC grew its position in shares of Cadence Bank by 15.9% in the third quarter. Natixis Advisors LLC now owns 486,122 shares of the company’s stock valued at $15,483,000 after purchasing an additional 66,747 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Price Performance

CADE opened at $38.63 on Wednesday. The company has a market capitalization of $7.04 billion, a P/E ratio of 11.10 and a beta of 0.95. The company has a 50-day moving average of $33.99 and a 200-day moving average of $31.26. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 1-year low of $24.15 and a 1-year high of $40.20.

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

Cadence Bank Dividend Announcement

The firm also recently disclosed 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. This represents a $1.00 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 28.74%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Morgan Stanley raised Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $36.00 to $39.00 in a research note on Monday, September 30th. Royal Bank of Canada upped their price objective on Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. DA Davidson raised their price objective on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Truist Financial increased their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Barclays upped their price target on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Cadence Bank 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.