Halter Ferguson Financial Inc. Acquires New Shares in Cadence Bank (NYSE:CADE)

Halter Ferguson Financial Inc. purchased a new stake in shares of Cadence Bank (NYSE:CADE) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 102,161 shares of the company’s stock, valued at approximately $3,023,000. Cadence Bank accounts for about 1.9% of Halter Ferguson Financial Inc.’s holdings, making the stock its 12th biggest holding. Halter Ferguson Financial Inc. owned 0.06% of Cadence Bank as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of CADE. Norges Bank bought a new stake in shares of Cadence Bank during the fourth quarter valued at approximately $60,490,000. Wellington Management Group LLP grew its holdings in Cadence Bank by 15.7% in the third quarter. Wellington Management Group LLP now owns 7,827,982 shares of the company’s stock worth $166,110,000 after purchasing an additional 1,063,055 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Cadence Bank by 81.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,532,423 shares of the company’s stock worth $45,344,000 after purchasing an additional 687,025 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Cadence Bank by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,240,127 shares of the company’s stock worth $273,421,000 after purchasing an additional 376,989 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in Cadence Bank by 35.7% in the third quarter. American Century Companies Inc. now owns 1,258,097 shares of the company’s stock worth $26,697,000 after purchasing an additional 331,097 shares during the last quarter. 84.61% of the stock is owned by institutional investors.

Cadence Bank Price Performance

NYSE CADE traded up $0.51 during trading hours on Friday, hitting $28.27. 577,786 shares of the company’s stock traded hands, compared to its average volume of 1,306,130. Cadence Bank has a 52-week low of $17.76 and a 52-week high of $31.45. The company has a market capitalization of $5.15 billion, a PE ratio of 9.03 and a beta of 1.01. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.85 and a quick ratio of 0.85. The firm’s 50-day moving average is $28.25 and its 200-day moving average is $27.63.

Cadence Bank (NYSE:CADE) last announced its quarterly earnings data on Friday, April 26th. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.08. Cadence Bank had a net margin of 23.83% and a return on equity of 8.97%. The company had revenue of $437.69 million during the quarter, compared to analysts’ expectations of $427.18 million. During the same quarter in the prior year, the company earned $0.68 EPS. Cadence Bank’s revenue was up 12.6% compared to the same quarter last year. Equities analysts forecast that Cadence Bank will post 2.48 EPS for the current fiscal year.

Cadence Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.54%. Cadence Bank’s dividend payout ratio (DPR) is 31.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Cadence Bank from $32.00 to $33.00 and gave the company a “buy” rating in a report on Monday, April 1st. TheStreet downgraded shares of Cadence Bank from a “b” rating to a “c” rating in a research report on Tuesday, January 30th. Royal Bank of Canada restated a “sector perform” rating and set a $31.00 target price on shares of Cadence Bank in a research report on Tuesday, April 9th. Raymond James decreased their target price on shares of Cadence Bank from $35.00 to $34.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 31st. Finally, Barclays boosted their target price on shares of Cadence Bank from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.09.

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.