Bessemer Group Inc. Boosts Position in Cadence Bank $CADE

Bessemer Group Inc. lifted its position in Cadence Bank (NYSE:CADE) by 15.6% in the third quarter, HoldingsChannel reports. The firm owned 745,005 shares of the company’s stock after buying an additional 100,646 shares during the period. Bessemer Group Inc.’s holdings in Cadence Bank were worth $27,967,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CADE. Savant Capital LLC boosted its holdings in Cadence Bank by 2.8% in the 3rd quarter. Savant Capital LLC now owns 24,481 shares of the company’s stock valued at $919,000 after purchasing an additional 664 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Cadence Bank by 7.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 70,409 shares of the company’s stock valued at $2,643,000 after buying an additional 5,057 shares during the period. Hantz Financial Services Inc. raised its position in shares of Cadence Bank by 126.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,341 shares of the company’s stock valued at $50,000 after buying an additional 748 shares during the period. Jackson Creek Investment Advisors LLC acquired a new position in Cadence Bank in the third quarter valued at approximately $1,810,000. Finally, Jones Financial Companies Lllp grew its position in Cadence Bank by 16.2% in the third quarter. Jones Financial Companies Lllp now owns 2,629 shares of the company’s stock worth $99,000 after acquiring an additional 366 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CADE has been the topic of a number of research analyst reports. Barclays downgraded Cadence Bank from an “overweight” rating to a “hold” rating in a research report on Tuesday, October 28th. Stephens cut shares of Cadence Bank from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cadence Bank in a research report on Wednesday, January 21st. Piper Sandler set a $40.00 price target on shares of Cadence Bank and gave the company a “neutral” rating in a research note on Monday, October 27th. Finally, Royal Bank Of Canada raised shares of Cadence Bank from a “hold” rating to a “moderate buy” rating in a research report on Monday, October 27th. Two equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $42.88.

Cadence Bank Price Performance

Shares of CADE opened at $42.14 on Friday. The company has a market cap of $7.68 billion, a P/E ratio of 14.94 and a beta of 0.95. Cadence Bank has a fifty-two week low of $25.22 and a fifty-two week high of $46.74. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average price is $43.28 and its 200 day moving average price is $39.27.

Cadence Bank (NYSE:CADE) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.79 by $0.06. The business had revenue of $528.41 million during the quarter, compared to the consensus estimate of $525.15 million. Cadence Bank had a net margin of 18.12% and a return on equity of 10.16%. During the same quarter in the previous year, the firm posted $0.70 earnings per share. On average, research analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 20th. Shareholders of record on Friday, January 30th will be issued a dividend of $0.3438 per share. This is a positive change from Cadence Bank’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, January 30th. This represents a $1.38 dividend on an annualized basis and a yield of 3.3%. Cadence Bank’s dividend payout ratio (DPR) is presently 39.01%.

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.