MAI Capital Management Has $1.33 Million Position in Cadence Bank (NYSE:CADE)

MAI Capital Management grew its position in Cadence Bank (NYSE:CADE) by 132.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,685 shares of the company’s stock after buying an additional 23,790 shares during the quarter. MAI Capital Management’s holdings in Cadence Bank were worth $1,328,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Cadence Bank by 4.9% in the 1st quarter. Vanguard Group Inc. now owns 20,271,283 shares of the company’s stock valued at $587,867,000 after buying an additional 940,895 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cadence Bank by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,825,909 shares of the company’s stock valued at $277,874,000 after buying an additional 593,878 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Cadence Bank by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,088,804 shares of the company’s stock valued at $59,071,000 after buying an additional 36,323 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Cadence Bank by 16.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,083,518 shares of the company’s stock worth $66,360,000 after purchasing an additional 291,885 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in Cadence Bank by 15.9% during the 3rd quarter. Natixis Advisors LLC now owns 486,122 shares of the company’s stock worth $15,483,000 after purchasing an additional 66,747 shares in the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

Cadence Bank Trading Down 0.6 %

NYSE:CADE opened at $37.11 on Thursday. The firm’s fifty day moving average is $33.56 and its 200-day moving average is $31.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a 52 week low of $24.15 and a 52 week high of $39.79. The firm has a market cap of $6.76 billion, a P/E ratio of 10.66 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last issued its earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. The business had revenue of $447.36 million for the quarter, compared to analyst estimates of $450.97 million. Cadence Bank had a net margin of 25.99% and a return on equity of 8.95%. Cadence Bank’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share. Equities analysts expect that Cadence Bank will post 2.71 earnings per share for the current year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Friday, December 13th. Cadence Bank’s dividend payout ratio is presently 28.74%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CADE. Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Hovde Group upped their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Royal Bank of Canada upped their price objective on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 23rd. Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Finally, Barclays upped their price objective on shares of Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $35.29.

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.