Lavaca Capital LLC Takes $207,000 Position in Cadence Bank (NYSE:CADE)

Lavaca Capital LLC acquired a new position in shares of Cadence Bank (NYSE:CADE) in the 1st quarter, Holdings Channel.com reports. The fund acquired 7,154 shares of the company’s stock, valued at approximately $207,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CADE. Lazard Asset Management LLC raised its stake in 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 during the last quarter. Keeley Teton Advisors LLC grew its holdings in shares of Cadence Bank by 2.7% during the first quarter. Keeley Teton Advisors LLC now owns 237,291 shares of the company’s stock worth $6,881,000 after buying an additional 6,328 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Cadence Bank by 4.9% in the first 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 during the last quarter. State Board of Administration of Florida Retirement System lifted its stake in shares of Cadence Bank by 32.4% during the first 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. Finally, Entropy Technologies LP acquired a new stake in Cadence Bank during the first quarter worth approximately $716,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CADE shares. DA Davidson boosted their price target on Cadence Bank from $34.50 to $39.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Keefe, Bruyette & Woods boosted their target price on Cadence Bank from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. Piper Sandler cut shares of Cadence Bank from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $33.00 to $34.00 in a research report on Wednesday, July 24th. Jefferies Financial Group reduced their price target on Cadence Bank from $31.00 to $29.00 and set a “hold” rating on the stock in a research report on Wednesday, July 3rd. Finally, Hovde Group increased their price objective on shares of Cadence Bank from $33.00 to $36.50 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.79.

Cadence Bank Stock Down 1.8 %

CADE stock traded down $0.60 during midday trading on Monday, hitting $32.91. 1,817,065 shares of the company’s stock were exchanged, compared to its average volume of 1,362,062. The firm has a 50 day moving average price of $29.04 and a 200-day moving average price of $28.32. Cadence Bank has a 12-month low of $19.67 and a 12-month high of $34.13. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of 10.51 and a beta of 0.98. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.05.

Cadence Bank (NYSE:CADE) last issued its quarterly earnings results on Monday, July 22nd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Cadence Bank had a net margin of 24.42% and a return on equity of 8.82%. The business had revenue of $742.87 million during the quarter, compared to analyst estimates of $439.63 million. During the same quarter in the previous year, the firm earned $0.64 earnings per share. On average, analysts anticipate that Cadence Bank will post 2.54 EPS for the current year.

Cadence Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. Cadence Bank’s dividend payout ratio (DPR) is presently 31.95%.

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.