Voya Investment Management LLC Grows Stake in Cadence Bank $CADE

Voya Investment Management LLC raised its holdings in Cadence Bank (NYSE:CADE) by 25.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 205,461 shares of the company’s stock after buying an additional 41,764 shares during the quarter. Voya Investment Management LLC owned about 0.11% of Cadence Bank worth $6,238,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Strs Ohio bought a new stake in Cadence Bank in the first quarter valued at $580,000. Intech Investment Management LLC lifted its holdings in Cadence Bank by 30.0% in the first quarter. Intech Investment Management LLC now owns 119,375 shares of the company’s stock worth $3,624,000 after buying an additional 27,555 shares during the period. Bayforest Capital Ltd purchased a new position in shares of Cadence Bank in the 1st quarter valued at approximately $599,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Cadence Bank by 1.4% during the first 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 in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Cadence Bank by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock worth $85,953,000 after purchasing an additional 244,146 shares during the period. Institutional investors own 84.61% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on CADE. Keefe, Bruyette & Woods raised their price objective on Cadence Bank from $40.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Zacks Research lowered shares of Cadence Bank from a “strong-buy” rating to a “hold” rating in a report on Monday, September 8th. Stephens boosted their price target on Cadence Bank from $41.00 to $42.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Barclays reiterated an “overweight” rating and set a $41.00 price objective (up previously from $38.00) on shares of Cadence Bank in a research note on Tuesday, July 8th. Finally, Piper Sandler raised their price target on Cadence Bank from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Cadence Bank has a consensus rating of “Moderate Buy” and a consensus price target of $40.40.

Cadence Bank Price Performance

NYSE CADE opened at $36.84 on Thursday. 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. The stock has a market cap of $6.71 billion, a price-to-earnings ratio of 13.11 and a beta of 0.91. The company’s 50 day moving average is $36.01 and its two-hundred day moving average is $32.29.

Cadence Bank (NYSE:CADE) last released its earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The company had revenue of $476.32 million for the quarter, compared to analysts’ expectations of $467.60 million. During the same quarter in the previous year, the company earned $0.73 EPS. As a group, research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

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

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.