MAI Capital Management Grows Position in Cadence Bank (NYSE:CADE)

MAI Capital Management increased its holdings in shares of Cadence Bank (NYSE:CADE - Free Report) by 132.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,685 shares of the company's stock after acquiring 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 filing with the SEC.

Other hedge funds have also bought and sold shares of the company. State Board of Administration of Florida Retirement System increased its holdings in Cadence Bank by 32.4% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 68,892 shares of the company's stock valued at $1,998,000 after buying an additional 16,850 shares during the period. Vanguard Group Inc. boosted its stake 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 purchasing an additional 940,895 shares in the last quarter. Keeley Teton Advisors LLC boosted its stake in shares of Cadence Bank by 2.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 237,291 shares of the company's stock valued at $6,881,000 after purchasing an additional 6,328 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of Cadence Bank by 125.0% in the 1st quarter. Lazard Asset Management LLC now owns 8,181 shares of the company's stock valued at $236,000 after purchasing an additional 4,545 shares in the last quarter. Finally, Lavaca Capital LLC acquired a new stake in shares of Cadence Bank in the 1st quarter valued at approximately $207,000. 84.61% of the stock is owned by institutional investors.

Cadence Bank Stock Performance

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

Cadence Bank (NYSE:CADE - Get Free Report) last released its quarterly earnings data on Monday, October 21st. The company reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.09. The company 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.56 EPS. As a group, sell-side analysts anticipate that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 2.69%. Cadence Bank's dividend payout ratio (DPR) is presently 28.74%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CADE shares. Hovde Group raised their price target on shares of Cadence Bank from $33.00 to $36.50 and gave the company an "outperform" rating in a research note on Wednesday, July 24th. Morgan Stanley upgraded shares of Cadence Bank from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $36.00 to $39.00 in a research note on Monday, September 30th. Truist Financial lifted their target price on shares of Cadence Bank from $37.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. DA Davidson lifted their target price on shares of Cadence Bank from $36.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Finally, Piper Sandler downgraded shares of Cadence Bank from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Five 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's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $35.29.

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.