US Bancorp DE Raises Holdings in Cadence Bank (NYSE:CADE)

US Bancorp DE grew its holdings in Cadence Bank (NYSE:CADE) by 8.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,839 shares of the company’s stock after buying an additional 1,781 shares during the quarter. US Bancorp DE’s holdings in Cadence Bank were worth $727,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CADE. GAMMA Investing LLC raised its position in Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares in the last quarter. AlphaMark Advisors LLC lifted its stake in shares of Cadence Bank by 5.6% in the second quarter. AlphaMark Advisors LLC now owns 10,870 shares of the company’s stock valued at $307,000 after purchasing an additional 579 shares during the period. Russell Investments Group Ltd. boosted its holdings in Cadence Bank by 0.3% during the first quarter. Russell Investments Group Ltd. now owns 230,377 shares of the company’s stock worth $6,681,000 after buying an additional 689 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in Cadence Bank during the third quarter worth about $25,000. Finally, Arizona State Retirement System grew its position in Cadence Bank by 1.9% during the second quarter. Arizona State Retirement System now owns 51,159 shares of the company’s stock worth $1,447,000 after buying an additional 938 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CADE shares. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $36.00 to $39.00 in a research report on Monday, September 30th. Hovde Group boosted their target price on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and upped their target price for the company from $33.00 to $34.00 in a report on Wednesday, July 24th. Truist Financial lifted their price target on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Stephens reissued an “overweight” rating and issued a $35.00 price objective on shares of Cadence Bank in a research note on Tuesday, July 23rd. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued 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 an average price target of $35.29.

Cadence Bank Stock Performance

NYSE:CADE opened at $37.90 on Friday. Cadence Bank has a 1-year low of $21.47 and a 1-year high of $38.77. The firm has a 50 day simple moving average of $32.45 and a 200-day simple moving average of $30.53. The firm has a market cap of $6.91 billion, a PE ratio of 10.89 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87.

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

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, December 13th. Cadence Bank’s payout ratio is 28.74%.

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.