Alps Advisors Inc. Buys New Position in Cadence Bank $CADE

Alps Advisors Inc. purchased a new position in shares of Cadence Bank (NYSE:CADE) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 12,100 shares of the company’s stock, valued at approximately $454,000.

Other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its holdings in shares of Cadence Bank by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock valued at $85,953,000 after acquiring an additional 244,146 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cadence Bank by 1.4% in 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 last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Cadence Bank by 12.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 22,976 shares of the company’s stock worth $735,000 after purchasing an additional 2,500 shares during the period. CWM LLC boosted its stake in Cadence Bank by 12.3% during the 2nd quarter. CWM LLC now owns 6,511 shares of the company’s stock worth $208,000 after purchasing an additional 712 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in Cadence Bank by 8.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 345,586 shares of the company’s stock worth $11,556,000 after purchasing an additional 26,135 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Cadence Bank stock opened at $42.14 on Friday. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 14.94 and a beta of 0.95. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a fifty day moving average of $43.37 and a two-hundred day moving average of $39.49. 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 released its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.06. The company had revenue of $528.41 million for the quarter, compared to analysts’ expectations of $525.15 million. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. During the same period last year, the company earned $0.70 EPS. On average, analysts anticipate that Cadence Bank will post 2.94 EPS for the current fiscal year.

Cadence Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, January 30th will be issued a dividend of $0.3438 per share. This represents a $1.38 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Friday, January 30th. This is an increase from Cadence Bank’s previous quarterly dividend of $0.28. Cadence Bank’s payout ratio is currently 39.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CADE shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cadence Bank in a report on Wednesday, January 21st. Morgan Stanley cut shares of Cadence Bank from an “overweight” rating to a “sell” rating in a research note on Tuesday, October 28th. Barclays cut shares of Cadence Bank from an “overweight” rating to a “hold” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada raised Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Finally, Piper Sandler set a $40.00 price objective on Cadence Bank and gave the stock a “neutral” rating in a research report on Monday, October 27th. Two research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $42.88.

Cadence Bank Company Profile

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.