Balefire LLC Makes New $2.97 Million Investment in Cadence Bank $CADE

Key Points

• Balefire LLC has acquired 92,768 shares of Cadence Bank for approximately $2.97 million, representing about 0.05% of the company.
• The recent earnings report revealed that Cadence Bank reported $0.73 earnings per share, exceeding expectations, and had a revenue of $476.32 million for the quarter.
• Cadence Bank declared a quarterly dividend of $0.275 per share, yielding a total of 3.0% on an annualized basis.

Balefire LLC bought a new position in shares of Cadence Bank (NYSE:CADE - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 92,768 shares of the company's stock, valued at approximately $2,967,000. Balefire LLC owned 0.05% of Cadence Bank at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CADE. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Cadence Bank by 0.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,634 shares of the company's stock worth $1,568,000 after purchasing an additional 480 shares in the last quarter. Johnson Investment Counsel Inc. increased its holdings in Cadence Bank by 8.6% during the 1st quarter. Johnson Investment Counsel Inc. now owns 7,317 shares of the company's stock worth $222,000 after purchasing an additional 578 shares in the last quarter. Xponance Inc. increased its holdings in Cadence Bank by 2.3% during the 1st quarter. Xponance Inc. now owns 26,415 shares of the company's stock worth $802,000 after purchasing an additional 587 shares in the last quarter. State of Michigan Retirement System increased its holdings in Cadence Bank by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 43,910 shares of the company's stock worth $1,333,000 after purchasing an additional 600 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in Cadence Bank by 1.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 51,400 shares of the company's stock worth $1,561,000 after purchasing an additional 600 shares in the last quarter. 84.61% of the stock is owned by institutional investors.

Cadence Bank Price Performance

CADE traded down $0.72 during trading on Friday, reaching $37.40. The stock had a trading volume of 6,498,817 shares, compared to its average volume of 1,822,203. The stock has a market cap of $6.82 billion, a PE ratio of 13.31 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. Cadence Bank has a one year low of $25.22 and a one year high of $40.20. The business has a 50-day moving average of $36.10 and a 200-day moving average of $32.38.

Cadence Bank (NYSE:CADE - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The business had revenue of $476.32 million during the quarter, compared to analyst estimates of $467.60 million. During the same period in the prior year, the business posted $0.73 earnings per share. As a group, equities research analysts anticipate that Cadence Bank will post 2.94 EPS 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. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio is currently 39.15%.

Wall Street Analyst Weigh In

A number of analysts have commented on CADE shares. Zacks Research lowered Cadence Bank from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Keefe, Bruyette & Woods boosted their price objective on Cadence Bank from $40.00 to $41.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Stephens boosted their price objective on Cadence Bank from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Piper Sandler boosted their price objective on Cadence Bank from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, DA Davidson boosted their price objective on Cadence Bank from $37.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $40.40.

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.