Russell Investments Group Ltd. Grows Stock Holdings in Cadence Bank $CADE

Key Points

• Russell Investments Group Ltd. increased its stake in Cadence Bank by 12.3% during Q1, now holding approximately 0.10% of the company valued at about $5.6 million.
• Cadence Bank announced a quarterly dividend of $0.275 per share, representing a 3.1% yield, to be paid on October 1st to shareholders of record.
• Several analysts have raised their price targets for Cadence Bank, with DA Davidson setting a new target of $42.00, reflecting positive sentiment and an overall rating of Moderate Buy.

Russell Investments Group Ltd. increased its holdings in Cadence Bank (NYSE:CADE - Free Report) by 12.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 184,479 shares of the company's stock after purchasing an additional 20,173 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.10% of Cadence Bank worth $5,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cadence Bank by 0.9% in the first 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 during the last quarter. Johnson Investment Counsel Inc. grew its stake 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 worth $222,000 after purchasing an additional 578 shares during the last quarter. Xponance Inc. grew its stake in shares of Cadence Bank by 2.3% in the first quarter. Xponance Inc. now owns 26,415 shares of the company's stock worth $802,000 after purchasing an additional 587 shares during the last quarter. State of Michigan Retirement System grew its stake 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 worth $1,333,000 after purchasing an additional 600 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its stake in shares of Cadence Bank by 1.2% in the first 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 during the last quarter. 84.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CADE. Royal Bank Of Canada raised their target price on Cadence Bank from $34.00 to $37.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Keefe, Bruyette & Woods lifted their price objective on Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Barclays reaffirmed an "overweight" rating and set a $41.00 price objective (up from $38.00) on shares of Cadence Bank in a research report on Tuesday, July 8th. Piper Sandler lifted their price objective on Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, DA Davidson lifted their price objective on Cadence Bank from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.40.

Cadence Bank Stock Up 0.5%

Shares of CADE stock traded up $0.19 during trading hours on Wednesday, hitting $37.72. 1,952,872 shares of the company's stock traded hands, compared to its average volume of 1,594,059. The stock's fifty day simple moving average is $34.61 and its two-hundred day simple moving average is $31.93. Cadence Bank has a 12-month low of $25.22 and a 12-month high of $40.20. The stock has a market cap of $6.87 billion, a price-to-earnings ratio of 13.42 and a beta of 0.89. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.25.

Cadence Bank (NYSE:CADE - Get Free Report) last released its 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 firm had revenue of $476.32 million during the quarter, compared to analyst estimates of $467.60 million. During the same period last year, the business earned $0.73 earnings per share. On average, analysts expect that Cadence Bank will post 2.94 EPS for the current year.

Cadence Bank Announces Dividend

The firm 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 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Cadence Bank's dividend payout ratio (DPR) is presently 39.15%.

About Cadence Bank

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.