MQS Management LLC Makes New Investment in Cadence Bank (NYSE:CADE)

MQS Management LLC purchased a new position in shares of Cadence Bank (NYSE:CADE) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,910 shares of the company’s stock, valued at approximately $316,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CADE. V Square Quantitative Management LLC acquired a new position in Cadence Bank during the 3rd quarter valued at about $25,000. GAMMA Investing LLC increased its holdings in shares of Cadence Bank by 77.0% during the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock valued at $28,000 after acquiring an additional 436 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Cadence Bank during the second quarter valued at about $138,000. Americana Partners LLC purchased a new position in shares of Cadence Bank in the 3rd quarter valued at approximately $201,000. Finally, Davis Investment Partners LLC acquired a new stake in Cadence Bank in the 3rd quarter worth approximately $202,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Stephens restated an “overweight” rating and set a $35.00 price target on shares of Cadence Bank in a research note on Tuesday, July 23rd. Piper Sandler lowered Cadence Bank from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $33.00 to $34.00 in a research note on Wednesday, July 24th. Royal Bank of Canada boosted their price target on Cadence Bank from $35.00 to $36.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 23rd. Hovde Group raised their price objective on Cadence Bank from $33.00 to $36.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, Truist Financial upped their target price on Cadence Bank from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cadence Bank presently has an average rating of “Moderate Buy” and an average price target of $35.29.

Cadence Bank Price Performance

NYSE:CADE opened at $38.02 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The company has a 50 day moving average price of $33.00 and a 200-day moving average price of $30.78. Cadence Bank has a 1-year low of $24.15 and a 1-year high of $39.79. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 10.93 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 21st. The company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.64 by $0.09. The company 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%. The firm’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business earned $0.56 earnings per share. Equities research analysts forecast 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 given 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 2.63%. Cadence Bank’s dividend payout ratio is currently 28.74%.

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.