Louisiana State Employees Retirement System increased its stake in Cadence Bancorporation (NYSE:CADE) by 6.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 60,100 shares of the company’s stock after acquiring an additional 3,900 shares during the period. Louisiana State Employees Retirement System’s holdings in Cadence Bancorporation were worth $1,320,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. American Century Companies Inc. raised its stake in shares of Cadence Bancorporation by 104.4% during the second quarter. American Century Companies Inc. now owns 160,707 shares of the company’s stock valued at $3,356,000 after acquiring an additional 82,081 shares during the last quarter. Credit Suisse AG raised its stake in shares of Cadence Bancorporation by 58.4% in the second quarter. Credit Suisse AG now owns 260,057 shares of the company’s stock worth $5,414,000 after purchasing an additional 95,925 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Cadence Bancorporation in the second quarter worth $42,000. Versor Investments LP purchased a new stake in Cadence Bancorporation during the second quarter valued at $78,788,000. Finally, Squarepoint Ops LLC purchased a new stake in Cadence Bancorporation during the second quarter valued at $597,000. Institutional investors own 91.97% of the company’s stock.
A number of equities analysts recently commented on the company. Raymond James raised Cadence Bancorporation from an “outperform” rating to a “strong-buy” rating and set a $26.00 price target for the company in a research note on Tuesday, August 31st. Truist started coverage on shares of Cadence Bancorporation in a research note on Monday, November 1st. They set a “buy” rating and a $35.00 target price for the company. Zacks Investment Research lowered shares of Cadence Bancorporation from a “hold” rating to a “sell” rating in a research note on Wednesday, November 3rd. Finally, Piper Sandler raised shares of Cadence Bancorporation from a “neutral” rating to an “overweight” rating and increased their price target for the company from $34.00 to $40.00 in a research report on Thursday, November 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cadence Bancorporation has a consensus rating of “Hold” and an average price target of $28.29.
Cadence Bancorporation (NYSE:CADE) last posted its earnings results on Sunday, October 24th. The company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.17. The business had revenue of $182.48 million during the quarter, compared to the consensus estimate of $180.26 million. Cadence Bancorporation had a return on equity of 11.41% and a net margin of 26.11%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 EPS. On average, research analysts anticipate that Cadence Bancorporation will post 2.18 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 3rd. Stockholders of record on Wednesday, December 15th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. This is an increase from Cadence Bancorporation’s previous quarterly dividend of $0.16. The ex-dividend date is Tuesday, December 14th. Cadence Bancorporation’s dividend payout ratio is 28.99%.
Cadence Bancorporation Company Profile
Cadence Bancorp. is a bank holding company, which engages in the provision of corporations, middle-market companies, small businesses, and consumers with banking and financial solutions through its subsidiary, Cadence Bank NA. It operates through the following segments: Banking, Financial Services, and Corporate.
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