Sanders Morris Harris LLC Buys Shares of 31,864 Cadence Bank (NYSE:CADE)

Sanders Morris Harris LLC bought a new stake in shares of Cadence Bank (NYSE:CADE) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 31,864 shares of the company’s stock, valued at approximately $924,000.

Several other hedge funds have also recently added to or reduced their stakes in CADE. Norges Bank purchased a new position in Cadence Bank during the 4th quarter valued at about $60,490,000. Wellington Management Group LLP boosted its stake in shares of Cadence Bank by 15.7% during the 3rd quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after purchasing an additional 1,063,055 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Cadence Bank by 81.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after purchasing an additional 687,025 shares during the last quarter. Ranger Investment Management L.P. boosted its stake in shares of Cadence Bank by 59.4% during the 4th quarter. Ranger Investment Management L.P. now owns 1,054,575 shares of the company’s stock worth $31,205,000 after purchasing an additional 393,037 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Cadence Bank by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after purchasing an additional 376,989 shares during the last quarter. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

Cadence Bank Stock Up 1.0 %

Shares of CADE traded up $0.26 during mid-day trading on Friday, reaching $27.53. 3,247,549 shares of the stock traded hands, compared to its average volume of 1,114,513. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.09. The stock has a fifty day simple moving average of $28.23 and a 200 day simple moving average of $28.16. The firm has a market cap of $5.02 billion, a price-to-earnings ratio of 8.80 and a beta of 0.99. Cadence Bank has a 12-month low of $18.97 and a 12-month high of $31.45.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.08. The business had revenue of $437.69 million during the quarter, compared to analyst estimates of $427.18 million. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 earnings per share. Sell-side analysts expect that Cadence Bank will post 2.48 EPS for the current fiscal year.

Cadence Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.25 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.63%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CADE. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $31.00 price target on shares of Cadence Bank in a research note on Tuesday, April 9th. Barclays raised their price target on shares of Cadence Bank from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 24th. Stephens reissued an “overweight” rating and issued a $33.00 target price on shares of Cadence Bank in a research report on Tuesday, April 23rd. Jefferies Financial Group decreased their target price on shares of Cadence Bank from $30.00 to $29.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Five research 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.09.

Cadence Bank Company 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.