Nuveen LLC Invests $20.09 Million in Cadence Bank $CADE

Key Points

• Nuveen LLC acquired 661,715 shares of Cadence Bank, valued at approximately $20 million, increasing its stake to 0.36% at the end of the most recent quarter.
• Cadence Bank has received favorable analyst ratings, with several firms boosting their price targets and seven analysts rating it as a Buy.
• The company recently announced a quarterly dividend of $0.275 per share, equating to an annualized rate of $1.10 and a yield of 3.1%, with a payout ratio of 39.15%.

Nuveen LLC purchased a new position in shares of Cadence Bank (NYSE:CADE - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 661,715 shares of the company's stock, valued at approximately $20,090,000. Nuveen LLC owned about 0.36% of Cadence Bank as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CADE. Millennium Management LLC boosted its position in Cadence Bank by 846.1% during the 4th quarter. Millennium Management LLC now owns 1,052,906 shares of the company's stock worth $36,273,000 after acquiring an additional 941,613 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Cadence Bank by 76,386.7% in the 1st quarter. Bessemer Group Inc. now owns 615,718 shares of the company's stock valued at $18,694,000 after buying an additional 614,913 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Cadence Bank by 15.0% in the 4th quarter. Northern Trust Corp now owns 2,684,312 shares of the company's stock valued at $92,475,000 after buying an additional 350,660 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Cadence Bank in the 4th quarter valued at approximately $8,061,000. Finally, Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Cadence Bank by 8.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 2,416,198 shares of the company's stock valued at $73,356,000 after buying an additional 181,465 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Cadence Bank Stock Performance

CADE stock traded down $0.2390 during trading hours on Monday, hitting $36.9510. 856,766 shares of the stock were exchanged, compared to its average volume of 1,775,828. Cadence Bank has a 12 month low of $25.22 and a 12 month high of $40.20. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $6.73 billion, a P/E ratio of 13.15 and a beta of 0.89. The company has a 50-day simple moving average of $34.31 and a two-hundred day simple moving average of $31.85.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a return on equity of 9.84% and a net margin of 18.79%.The company had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. During the same quarter last year, the firm earned $0.73 earnings per share. On average, analysts forecast that Cadence Bank will post 2.94 earnings per share for the current fiscal year.

Cadence Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.0%. Cadence Bank's dividend payout ratio (DPR) is currently 39.15%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. DA Davidson increased their price objective on Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a report on Monday, July 28th. Piper Sandler increased their price objective on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Wall Street Zen downgraded Cadence Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Royal Bank Of Canada increased their price objective on Cadence Bank from $34.00 to $37.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Finally, Keefe, Bruyette & Woods increased their price objective on Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $40.40.

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.