Abel Hall LLC Invests $231,000 in Cadence Bank (NYSE:CADE)

Abel Hall LLC purchased a new stake in Cadence Bank (NYSE:CADE - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,625 shares of the company's stock, valued at approximately $231,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Johnson Investment Counsel Inc. increased its position in shares of Cadence Bank by 8.6% in the first quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock valued at $222,000 after acquiring an additional 578 shares during the last quarter. Xponance Inc. increased its position in shares of Cadence Bank by 2.3% in the first quarter. Xponance Inc. now owns 26,415 shares of the company's stock valued at $802,000 after acquiring an additional 587 shares during the last quarter. Sit Investment Associates Inc. increased its position in shares of Cadence Bank by 2.4% in the fourth quarter. Sit Investment Associates Inc. now owns 25,750 shares of the company's stock valued at $887,000 after acquiring an additional 600 shares during the last quarter. State of Michigan Retirement System increased its position in shares of Cadence Bank by 1.4% in the first quarter. State of Michigan Retirement System now owns 43,910 shares of the company's stock valued at $1,333,000 after acquiring an additional 600 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Cadence Bank by 1.2% during the first quarter. Louisiana State Employees Retirement System now owns 51,400 shares of the company's stock worth $1,561,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 84.61% of the company's stock.

Wall Street Analyst Weigh In

CADE has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price target on Cadence Bank from $38.00 to $40.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th. Piper Sandler raised Cadence Bank from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $36.00 to $42.00 in a research report on Tuesday, July 8th. Wall Street Zen raised Cadence Bank from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Hovde Group boosted their price target on Cadence Bank from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Finally, Barclays reaffirmed an "overweight" rating and issued a $41.00 target price (up previously from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Cadence Bank presently has an average rating of "Moderate Buy" and a consensus price target of $38.50.

Cadence Bank Price Performance

NYSE CADE traded down $0.82 on Thursday, hitting $35.11. 4,555,367 shares of the company's stock were exchanged, compared to its average volume of 1,786,903. The stock has a 50-day moving average of $32.26 and a 200-day moving average of $31.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.20. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 12.49 and a beta of 0.84.

Cadence Bank (NYSE:CADE - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.04. Cadence Bank had a return on equity of 9.97% and a net margin of 18.79%. The firm had revenue of $476.32 million during the quarter, compared to analysts' expectations of $467.60 million. During the same period in the prior year, the company earned $0.73 earnings per share. Analysts expect 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 will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.13%. The ex-dividend date is Monday, September 15th. Cadence Bank's payout ratio is presently 38.60%.

Cadence Bank declared that its Board of Directors has initiated a stock repurchase program on Friday, April 25th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Cadence Bank 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.