152,525 Shares in Cadence Bank $CADE Purchased by FCG Investment Co

FCG Investment Co acquired a new position in Cadence Bank (NYSE:CADE) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 152,525 shares of the company’s stock, valued at approximately $4,878,000. Cadence Bank makes up 2.5% of FCG Investment Co’s portfolio, making the stock its 10th largest position.

Several other hedge funds have also recently bought and sold shares of the business. Sheets Smith Wealth Management lifted its stake in Cadence Bank by 2.6% in the 2nd quarter. Sheets Smith Wealth Management now owns 18,040 shares of the company’s stock worth $577,000 after acquiring an additional 464 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cadence Bank by 0.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company’s stock worth $1,568,000 after acquiring an additional 480 shares in the last quarter. Johnson Investment Counsel Inc. raised its holdings in shares of Cadence Bank by 8.6% during the first quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company’s stock worth $222,000 after acquiring an additional 578 shares in the last quarter. Xponance Inc. raised its holdings in shares of Cadence Bank by 2.3% during the first quarter. Xponance Inc. now owns 26,415 shares of the company’s stock worth $802,000 after acquiring an additional 587 shares in the last quarter. Finally, State of Michigan Retirement System raised its holdings in shares of Cadence Bank by 1.4% during the first quarter. State of Michigan Retirement System now owns 43,910 shares of the company’s stock worth $1,333,000 after acquiring an additional 600 shares in the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on CADE. Wall Street Zen lowered Cadence Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Keefe, Bruyette & Woods increased their price objective 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 objective on Cadence Bank from $37.00 to $42.00 and gave the stock a “buy” rating in a report on Monday, July 28th. Stephens increased their price objective on Cadence Bank from $41.00 to $42.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Finally, Royal Bank Of Canada increased their price objective on Cadence Bank from $34.00 to $37.00 and gave the stock a “sector perform” rating in a report on Friday, July 25th. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Cadence Bank currently has an average rating of “Moderate Buy” and a consensus price target of $40.40.

Cadence Bank Trading Down 0.4%

Cadence Bank stock opened at $37.12 on Friday. 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 company has a market capitalization of $6.76 billion, a price-to-earnings ratio of 13.21 and a beta of 0.91. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The company’s fifty day moving average price is $36.31 and its two-hundred day moving average price is $32.57.

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

Cadence Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Cadence Bank’s dividend payout ratio (DPR) is currently 39.15%.

Cadence Bank 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.