Davis Investment Partners LLC Acquires New Shares in Cadence Bank $CADE

Davis Investment Partners LLC acquired a new stake in Cadence Bank (NYSE:CADE) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,606 shares of the company’s stock, valued at approximately $221,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CADE. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Cadence Bank in the first quarter valued at about $40,000. Abound Wealth Management increased its holdings in Cadence Bank by 223.3% in the first quarter. Abound Wealth Management now owns 1,665 shares of the company’s stock valued at $51,000 after purchasing an additional 1,150 shares during the last quarter. UMB Bank n.a. increased its holdings in Cadence Bank by 169.6% in the first quarter. UMB Bank n.a. now owns 1,774 shares of the company’s stock valued at $54,000 after purchasing an additional 1,116 shares during the last quarter. State of Wyoming increased its holdings in Cadence Bank by 172.4% in the fourth quarter. State of Wyoming now owns 2,359 shares of the company’s stock valued at $81,000 after purchasing an additional 1,493 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company’s stock valued at $88,000 after purchasing an additional 1,030 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Up 1.0%

CADE stock opened at $37.71 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $6.87 billion, a P/E ratio of 13.42 and a beta of 0.91. The business has a 50-day moving average of $35.90 and a 200-day moving average of $32.21. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $40.20.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. The company had revenue of $476.32 million during the quarter, compared to analysts’ expectations of $467.60 million. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.During the same period in the prior year, the firm earned $0.73 earnings per share. On average, sell-side analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 annualized dividend and a yield of 2.9%. Cadence Bank’s dividend payout ratio is 39.15%.

Analyst Ratings Changes

Several brokerages have issued reports on CADE. Keefe, Bruyette & Woods increased their price target on Cadence Bank from $40.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. DA Davidson increased their price target on Cadence Bank from $37.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, July 28th. Barclays restated an “overweight” rating and issued a $41.00 price target (up from $38.00) on shares of Cadence Bank in a report on Tuesday, July 8th. Hovde Group increased their price target on Cadence Bank from $34.00 to $40.00 and gave the stock a “market perform” rating in a report on Monday, July 28th. Finally, Piper Sandler increased their price target on Cadence Bank from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cadence Bank has an average rating of “Moderate Buy” and a consensus target price of $40.40.

Cadence Bank Company 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.