King Luther Capital Management Corp Has $4 Million Position in Cadence Bank (NYSE:CADE)

King Luther Capital Management Corp cut its stake in Cadence Bank (NYSE:CADE) by 0.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,424 shares of the company’s stock after selling 920 shares during the period. King Luther Capital Management Corp owned approximately 0.07% of Cadence Bank worth $3,995,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CADE. V Square Quantitative Management LLC acquired a new position in shares of Cadence Bank during the 3rd quarter worth $25,000. GAMMA Investing LLC lifted its holdings in shares of Cadence Bank by 77.0% in the second quarter. GAMMA Investing LLC now owns 1,002 shares of the company’s stock worth $28,000 after acquiring an additional 436 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Cadence Bank during the 2nd quarter valued at approximately $138,000. KBC Group NV grew its holdings in shares of Cadence Bank by 11.5% during the 3rd quarter. KBC Group NV now owns 5,036 shares of the company’s stock valued at $160,000 after purchasing an additional 519 shares during the last quarter. Finally, Americana Partners LLC acquired a new position in Cadence Bank during the 3rd quarter worth approximately $201,000. 84.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Royal Bank of Canada upped their price target on shares of Cadence Bank from $35.00 to $36.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 23rd. DA Davidson upped their target price on Cadence Bank from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Truist Financial increased 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. Barclays boosted their price target on Cadence Bank from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Finally, Morgan Stanley upgraded shares of Cadence Bank from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $36.00 to $39.00 in a report on Monday, September 30th. 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.29.

Cadence Bank Trading Up 2.4 %

Shares of CADE opened at $38.88 on Friday. Cadence Bank has a fifty-two week low of $24.15 and a fifty-two week high of $39.79. The business has a 50-day moving average of $33.84 and a 200 day moving average of $31.17. The firm has a market cap of $7.08 billion, a P/E ratio of 11.17 and a beta of 0.95. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87.

Cadence Bank (NYSE:CADE) last posted its earnings results on Monday, October 21st. The company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.09. Cadence Bank had a return on equity of 8.95% and a net margin of 25.99%. The firm had revenue of $447.36 million for the quarter, compared to the consensus estimate of $450.97 million. During the same quarter in the prior year, the business posted $0.56 earnings per share. The business’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, research analysts forecast that Cadence Bank will post 2.71 EPS for the current year.

Cadence Bank Announces Dividend

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 issued a $0.25 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.00 annualized dividend and a dividend yield of 2.57%. Cadence Bank’s 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.