Vaughan Nelson Investment Management L.P. Grows Position in Cadence Bank $CADE

Vaughan Nelson Investment Management L.P. raised its stake in Cadence Bank (NYSE:CADE) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,931,570 shares of the company’s stock after acquiring an additional 34,750 shares during the quarter. Cadence Bank makes up 1.0% of Vaughan Nelson Investment Management L.P.’s portfolio, making the stock its 29th biggest holding. Vaughan Nelson Investment Management L.P.’s holdings in Cadence Bank were worth $110,051,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Geode Capital Management LLC raised its stake in Cadence Bank by 2.5% in the 2nd quarter. Geode Capital Management LLC now owns 4,664,361 shares of the company’s stock valued at $149,182,000 after purchasing an additional 113,593 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Cadence Bank by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,831,131 shares of the company’s stock worth $85,953,000 after purchasing an additional 244,146 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Cadence Bank by 11.5% during the second quarter. First Trust Advisors LP now owns 2,587,221 shares of the company’s stock worth $82,739,000 after buying an additional 266,621 shares in the last quarter. Channing Capital Management LLC acquired a new position in shares of Cadence Bank in the second quarter valued at approximately $75,681,000. Finally, Norges Bank purchased a new position in shares of Cadence Bank during the second quarter valued at approximately $71,235,000. Institutional investors and hedge funds own 84.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CADE. Piper Sandler set a $40.00 target price on shares of Cadence Bank and gave the stock a “neutral” rating in a research note on Monday, October 27th. Barclays cut Cadence Bank from an “overweight” rating to a “hold” rating in a report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Bank in a research note on Wednesday, October 8th. Morgan Stanley downgraded Cadence Bank from an “overweight” rating to a “sell” rating in a research report on Tuesday, October 28th. Finally, Royal Bank Of Canada upgraded Cadence Bank from a “hold” rating to a “moderate buy” rating in a report on Monday, October 27th. Two analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $42.33.

Cadence Bank Trading Up 2.2%

Shares of CADE opened at $45.22 on Wednesday. The firm has a market capitalization of $8.24 billion, a P/E ratio of 16.38 and a beta of 0.95. The stock’s fifty day simple moving average is $40.83 and its 200 day simple moving average is $37.77. Cadence Bank has a twelve month low of $25.22 and a twelve month high of $45.38.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.04. The firm had revenue of $517.24 million during the quarter, compared to the consensus estimate of $523.60 million. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.During the same quarter in the previous year, the business earned $0.73 earnings per share. Sell-side analysts predict that Cadence Bank will post 2.94 earnings per share for the current year.

Cadence Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Monday, December 15th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, December 15th. Cadence Bank’s dividend payout ratio is 39.86%.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a regional commercial bank that offers a full suite of financial services to individuals, businesses and government entities. Through its network of branches and digital platforms, the bank provides deposit accounts, treasury management solutions, commercial and industrial lending, equipment finance, residential and consumer mortgages, and wealth management services. Cadence Bank serves a mix of small and mid-size companies as well as retail customers in its core markets.

The institution traces its heritage to Cadence Bancorporation, which was established in 1987 in Tupelo, Mississippi.