Cadence Bank (NYSE:CADE) Hits New 12-Month High – Here’s What Happened

Cadence Bank (NYSE:CADE)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $44.33 and last traded at $44.3670, with a volume of 123349 shares. The stock had previously closed at $43.22.

Wall Street Analysts Forecast Growth

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

Cadence Bank Stock Down 0.9%

The stock has a 50-day simple moving average of $40.83 and a 200 day simple moving average of $37.77. The company has a market cap of $8.17 billion, a PE ratio of 16.25 and a beta of 0.95.

Cadence Bank (NYSE:CADE) last released its quarterly earnings results on Monday, October 20th. The company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.04. Cadence Bank had a return on equity of 9.97% and a net margin of 18.15%.The business had revenue of $517.24 million during the quarter, compared to analysts’ expectations of $523.60 million. During the same period in the prior year, the business posted $0.73 EPS. As a group, research analysts anticipate that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Monday, December 15th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, December 15th. Cadence Bank’s payout ratio is 39.86%.

Hedge Funds Weigh In On Cadence Bank

A number of hedge funds have recently made changes to their positions in CADE. North Reef Capital Management LP purchased a new stake in Cadence Bank during the 3rd quarter worth approximately $264,845,000. Channing Capital Management LLC acquired a new position in shares of Cadence Bank in the second quarter worth $75,681,000. Norges Bank acquired a new position in shares of Cadence Bank in the second quarter worth $71,235,000. William Blair Investment Management LLC grew its stake in shares of Cadence Bank by 196.8% in the third quarter. William Blair Investment Management LLC now owns 2,544,499 shares of the company’s stock worth $95,520,000 after acquiring an additional 1,687,329 shares in the last quarter. Finally, State Street Corp increased its position in shares of Cadence Bank by 10.1% during the third quarter. State Street Corp now owns 9,387,354 shares of the company’s stock worth $354,728,000 after acquiring an additional 864,229 shares during the period. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.