Intech Investment Management LLC Boosts Stock Position in Cadence Bank (NYSE:CADE)

Intech Investment Management LLC increased its stake in shares of Cadence Bank (NYSE:CADE) by 224.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,452 shares of the company’s stock after buying an additional 39,044 shares during the period. Intech Investment Management LLC’s holdings in Cadence Bank were worth $1,798,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CADE. Segall Bryant & Hamill LLC raised its stake in shares of Cadence Bank by 21.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,331,112 shares of the company’s stock valued at $42,396,000 after buying an additional 237,748 shares during the period. LMR Partners LLP bought a new stake in Cadence Bank in the 3rd quarter valued at about $212,000. Quest Partners LLC lifted its holdings in Cadence Bank by 390,500.0% during the third quarter. Quest Partners LLC now owns 7,812 shares of the company’s stock valued at $249,000 after purchasing an additional 7,810 shares during the last quarter. MAI Capital Management boosted its position in Cadence Bank by 132.9% during the third quarter. MAI Capital Management now owns 41,685 shares of the company’s stock worth $1,328,000 after purchasing an additional 23,790 shares during the period. Finally, Atlanta Consulting Group Advisors LLC purchased a new position in shares of Cadence Bank in the third quarter worth about $220,000. Institutional investors own 84.61% of the company’s stock.

Cadence Bank Stock Performance

Shares of CADE opened at $39.29 on Tuesday. Cadence Bank has a 12-month low of $24.15 and a 12-month high of $40.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04. The company has a market cap of $7.16 billion, a PE ratio of 11.29 and a beta of 0.95. The stock has a 50-day moving average price of $33.99 and a 200-day moving average price of $31.26.

Cadence Bank (NYSE:CADE) last announced its earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.09. The business had revenue of $447.36 million during 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 for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.56 earnings per share. As a group, equities analysts forecast that Cadence Bank will post 2.71 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company 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 $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.55%. Cadence Bank’s dividend payout ratio is presently 28.74%.

Wall Street Analyst Weigh In

CADE has been the topic of a number of recent research reports. Barclays upped their price target on shares of Cadence Bank from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Morgan Stanley upgraded Cadence Bank from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $36.00 to $39.00 in a research report on Monday, September 30th. Royal Bank of Canada lifted their price target on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 23rd. Truist Financial increased their price objective on Cadence Bank from $37.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, DA Davidson raised their target price on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cadence Bank currently has a consensus rating of “Moderate Buy” and a consensus 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.