Vest Financial LLC Boosts Stock Holdings in Cadence Bank $CADE

Vest Financial LLC lifted its holdings in shares of Cadence Bank (NYSE:CADE) by 18.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 151,854 shares of the company’s stock after acquiring an additional 23,747 shares during the quarter. Vest Financial LLC’s holdings in Cadence Bank were worth $5,701,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of CADE. Goldman Sachs Group Inc. lifted its position in shares of Cadence Bank by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock worth $85,953,000 after acquiring an additional 244,146 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Cadence Bank by 1.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 470,691 shares of the company’s stock valued at $14,290,000 after purchasing an additional 6,312 shares during the period. Sheets Smith Wealth Management lifted its holdings in Cadence Bank by 2.6% during the 2nd quarter. Sheets Smith Wealth Management now owns 18,040 shares of the company’s stock worth $577,000 after purchasing an additional 464 shares in the last quarter. FCG Investment Co bought a new position in Cadence Bank in the 2nd quarter worth about $4,878,000. Finally, Paragon Capital Management Ltd bought a new position in Cadence Bank in the 2nd quarter worth about $219,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CADE has been the topic of a number of recent analyst reports. Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, October 8th. Barclays downgraded shares of Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Piper Sandler set a $40.00 price target on shares of Cadence Bank and gave the stock a “neutral” rating in a report on Monday, October 27th. Finally, Keefe, Bruyette & Woods downgraded Cadence Bank from a “moderate buy” rating to a “hold” rating and increased their price objective for the stock from $41.00 to $49.00 in a research report on Monday, November 3rd. Two investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $42.33.

Cadence Bank Trading Up 4.2%

CADE opened at $46.39 on Thursday. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $46.74. The business’s 50-day moving average price is $42.33 and its 200-day moving average price is $38.66. The company has a market cap of $8.45 billion, a P/E ratio of 16.81 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.04. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.The business had revenue of $517.24 million for the quarter, compared to analyst estimates of $523.60 million. During the same period last year, the company earned $0.73 EPS. Equities research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, January 30th will be paid a $0.3438 dividend. The ex-dividend date of this dividend is Friday, January 30th. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. This represents a $1.38 annualized dividend and a dividend yield of 3.0%. Cadence Bank’s payout ratio is presently 39.86%.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.