Cadence Bank $CADE Holdings Trimmed by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd significantly reduced its stake in Cadence Bank by 89.2%, holding only 2,136 shares after selling 17,583 shares in the second quarter.
• Cadence Bank reported an earnings per share (EPS) of $0.73 for the recent quarter, exceeding analyst expectations of $0.69, and had a revenue of $476.32 million.
• The company has recently announced a quarterly dividend of $0.275, resulting in an annualized dividend yield of 3.0%.

Bayforest Capital Ltd cut its holdings in Cadence Bank (NYSE:CADE - Free Report) by 89.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,136 shares of the company's stock after selling 17,583 shares during the quarter. Bayforest Capital Ltd's holdings in Cadence Bank were worth $68,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Teacher Retirement System of Texas raised its position in shares of Cadence Bank by 312.7% during the first quarter. Teacher Retirement System of Texas now owns 49,592 shares of the company's stock worth $1,506,000 after purchasing an additional 37,576 shares during the period. Principal Financial Group Inc. raised its holdings in Cadence Bank by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 425,330 shares of the company's stock worth $12,913,000 after buying an additional 5,221 shares during the period. State of Alaska Department of Revenue lifted its stake in Cadence Bank by 3.1% during the first quarter. State of Alaska Department of Revenue now owns 21,500 shares of the company's stock valued at $652,000 after buying an additional 640 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Cadence Bank by 2.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 69,707 shares of the company's stock valued at $2,116,000 after buying an additional 1,670 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Cadence Bank by 55.3% in the first quarter. GAMMA Investing LLC now owns 2,892 shares of the company's stock worth $88,000 after buying an additional 1,030 shares during the period. Institutional investors own 84.61% of the company's stock.

Cadence Bank Stock Performance

Shares of CADE opened at $36.57 on Friday. The company has a market capitalization of $6.66 billion, a PE ratio of 13.01 and a beta of 0.88. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.87 and a current ratio of 0.87. The company's 50 day moving average price is $37.28 and its 200 day moving average price is $33.43. Cadence Bank has a 52 week low of $25.22 and a 52 week high of $40.23.

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, topping analysts' consensus estimates of $0.69 by $0.04. Cadence Bank had a net margin of 18.79% and a return on equity of 9.84%. The company had revenue of $476.32 million during the quarter, compared to the consensus estimate of $467.60 million. During the same quarter in the prior year, the firm earned $0.73 EPS. Research analysts expect 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 was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.275 dividend. The ex-dividend date was Monday, September 15th. This represents a $1.10 dividend on an annualized basis and a yield of 3.0%. Cadence Bank's payout ratio is 39.15%.

Analysts Set New Price Targets

CADE has been the topic of a number of recent analyst reports. Piper Sandler boosted their price target on shares of Cadence Bank from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Royal Bank Of Canada lifted their price objective on shares of Cadence Bank from $37.00 to $43.00 and gave the stock a "sector perform" rating in a research report on Friday, October 10th. Keefe, Bruyette & Woods boosted their target price on shares of Cadence Bank from $40.00 to $41.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cadence Bank in a research report on Wednesday, October 8th. Finally, Stephens lifted their price target on Cadence Bank from $41.00 to $42.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.00.

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.

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