Charles Schwab Investment Management Inc. Raises Position in Cadence Bank (NYSE:CADE)

Charles Schwab Investment Management Inc. raised its stake in Cadence Bank (NYSE:CADE) by 0.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,256,878 shares of the company’s stock after purchasing an additional 2,083 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.24% of Cadence Bank worth $68,519,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Northern Trust Corp raised its stake in shares of Cadence Bank by 15.0% in the fourth quarter. Northern Trust Corp now owns 2,684,312 shares of the company’s stock worth $92,475,000 after purchasing an additional 350,660 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Cadence Bank by 21.2% in the fourth quarter. First Trust Advisors LP now owns 2,634,335 shares of the company’s stock worth $90,753,000 after purchasing an additional 460,486 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Cadence Bank by 8.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company’s stock worth $73,356,000 after purchasing an additional 181,465 shares during the last quarter. Segall Bryant & Hamill LLC raised its stake in shares of Cadence Bank by 2.1% in the first quarter. Segall Bryant & Hamill LLC now owns 1,370,231 shares of the company’s stock worth $41,600,000 after purchasing an additional 28,363 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Cadence Bank by 846.1% in the fourth quarter. Millennium Management LLC now owns 1,052,906 shares of the company’s stock worth $36,273,000 after purchasing an additional 941,613 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Piper Sandler upped their target price on Cadence Bank from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Hovde Group upped their target price on Cadence Bank from $34.00 to $40.00 and gave the company a “market perform” rating in a report on Monday, July 28th. DA Davidson upped their target price on Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a report on Monday, July 28th. Wall Street Zen lowered Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Finally, Keefe, Bruyette & Woods upped their target price on Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, July 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Cadence Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.40.

Cadence Bank Stock Up 0.3%

CADE opened at $36.23 on Friday. The company has a market cap of $6.60 billion, a P/E ratio of 12.89 and a beta of 0.89. The business’s 50-day moving average price is $33.59 and its 200-day moving average price is $31.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20.

Cadence Bank (NYSE:CADE) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. The firm had revenue of $476.32 million for the quarter, compared to the consensus estimate of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%. During the same quarter in the previous year, the business earned $0.73 earnings per share. On average, equities analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.0%. Cadence Bank’s payout ratio is currently 39.15%.

Cadence Bank declared that its board has approved a stock buyback program on Friday, April 25th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Cadence Bank Company 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.