Federated Hermes Inc. Buys 6,450 Shares of Cadence Bank (NYSE:CADE)

Federated Hermes Inc. raised its stake in Cadence Bank (NYSE:CADE) by 5.8% in the first quarter, Holdings Channel reports. The fund owned 117,828 shares of the company’s stock after purchasing an additional 6,450 shares during the quarter. Federated Hermes Inc.’s holdings in Cadence Bank were worth $3,577,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CADE. Abound Wealth Management lifted its holdings in shares of Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock worth $51,000 after acquiring an additional 1,150 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Cadence Bank by 169.6% in the first quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock worth $54,000 after acquiring an additional 1,116 shares during the last quarter. State of Wyoming lifted its holdings in shares of Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company’s stock worth $81,000 after acquiring an additional 1,493 shares during the last quarter. GAMMA Investing LLC raised its holdings in Cadence Bank by 55.3% in the 1st quarter. GAMMA Investing LLC now owns 2,892 shares of the company’s stock valued at $88,000 after buying an additional 1,030 shares during the last quarter. Finally, CX Institutional bought a new position in Cadence Bank in the 1st quarter valued at approximately $122,000. Institutional investors own 84.61% of the company’s stock.

Analyst Upgrades and Downgrades

CADE has been the subject of a number of research reports. Royal Bank Of Canada raised their price objective on shares of Cadence Bank from $34.00 to $37.00 and gave the company a “sector perform” rating in a report on Friday, July 25th. Piper Sandler raised their price objective on shares of Cadence Bank from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Hovde Group raised their price objective on shares of Cadence Bank from $34.00 to $40.00 and gave the company a “market perform” rating in a report on Monday, July 28th. Wall Street Zen lowered shares of Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Finally, DA Davidson raised their price objective on shares of Cadence Bank from $37.00 to $42.00 and gave the company a “buy” rating in a report on Monday, July 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.40.

Cadence Bank Stock Performance

Shares of CADE stock opened at $34.71 on Tuesday. The firm has a 50 day moving average of $32.87 and a 200-day moving average of $31.83. The company has a market cap of $6.32 billion, a price-to-earnings ratio of 12.35 and a beta of 0.89. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20.

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

Cadence Bank Dividend Announcement

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 paid a $0.275 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.2%. Cadence Bank’s payout ratio is currently 39.15%.

Cadence Bank announced that its board has authorized a stock repurchase plan on Friday, April 25th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

About Cadence Bank

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.