Principal Financial Group Inc. Purchases 21,948 Shares of Cadence Bank $CADE

Principal Financial Group Inc. raised its position in Cadence Bank (NYSE:CADE) by 3.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 612,541 shares of the company’s stock after acquiring an additional 21,948 shares during the period. Principal Financial Group Inc. owned approximately 0.34% of Cadence Bank worth $22,995,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Channing Capital Management LLC acquired a new stake in shares of Cadence Bank in the 2nd quarter worth $75,681,000. Norges Bank purchased a new stake in Cadence Bank in the second quarter valued at about $71,235,000. New York State Common Retirement Fund boosted its holdings in Cadence Bank by 982.9% in the second quarter. New York State Common Retirement Fund now owns 610,459 shares of the company’s stock worth $19,522,000 after acquiring an additional 554,087 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Cadence Bank in the second quarter worth about $16,698,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Cadence Bank by 50.6% during the second quarter. JPMorgan Chase & Co. now owns 856,262 shares of the company’s stock worth $27,383,000 after acquiring an additional 287,637 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on CADE shares. Morgan Stanley lowered shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods downgraded Cadence Bank from a “moderate buy” rating to a “hold” rating and upped their target price for the company from $41.00 to $49.00 in a research report on Monday, November 3rd. Barclays lowered Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th. Finally, Royal Bank Of Canada upgraded Cadence Bank from a “hold” rating to a “moderate buy” rating in a research note on Monday, October 27th. Two equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $42.88.

Cadence Bank Stock Performance

NYSE CADE opened at $42.14 on Friday. The firm has a market capitalization of $7.68 billion, a P/E ratio of 14.94 and a beta of 0.95. The stock has a 50-day simple moving average of $43.28 and a two-hundred day simple moving average of $39.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $46.74.

Cadence Bank (NYSE:CADE) last issued its earnings results on Thursday, January 22nd. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.06. The firm had revenue of $528.41 million for the quarter, compared to the consensus estimate of $525.15 million. Cadence Bank had a return on equity of 10.16% and a net margin of 18.12%.During the same quarter in the prior year, the business earned $0.70 earnings per share. On average, equities analysts forecast that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, January 30th will be paid a dividend of $0.3438 per share. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.3%. 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. Cadence Bank’s dividend payout ratio is 39.01%.

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.